Can Reeves calm dissent with her spending review?

The term "fiscal event" hardly does justice to the significance of the government's comprehensive spending review, due to be published on Wednesday 11 June by the chancellor, Rachel Reeves. It's been in preparation more or less since Labour took office last July.

- SEAN O'GRADY

It matters at least as much as any Budget because it sets out broad public spending plans for each area of government. These cover planned investment and current spending in areas such as wages, but exclude cyclical items such as unemployment benefits. So they are a strong statement of the Labour government's priorities.

All the signs are that it's been a difficult process, and the leaks and the spinning have already begun.

What's the trouble?

Trying to balance the books (in reality borrowing huge but manageable sums) is the answer to that. In an environment of great global uncertainty, alongside sluggish UK growth thanks to Brexit, and in a country with an ageing population, Reeves's task is an unenviable one. In addition, she will have to balance the pressing political demands of colleagues with her determination to stick to her "fiscal rules".

Specifically?

At the moment, backbenchers in the red wall seats in the North and the Midlands that Labour regained from the Tories at the general election are pressuring the Treasury to pour billions into much-needed investment in infrastructure, to make the most of the industrial potential of these neglected areas. This would also, of course, have a helpful electoral benefit for those MPs who are facing a challenge from Reform UK.

Reeves has hinted that she could adjust her rules on investment spending to facilitate tens of billions to be devoted to levelling up the regions.

Sounds familiar?