Reviewing your spend

IF THERE'S one phrase guaranteed to make the nation's collective wallet twitch, it's "Spending Review".

- Katie Elliott

Last week, Chancellor Rachel Reeves took to the Commons to unveil her first multi-year spending plan, paid for by taxpayers. While her announcement was heavy on the big-picture stuff billions for the NHS, defence, and affordable housing - the real question for most of us is: "What does any of this actually mean for our own finances?" Starting off with the most talked-about U-turn of the past month, nine million pensioners are set to have their winter fuel payment reinstated this year. Under new rules, set to cost a staggering £1.25billion, state pensioners in England and Wales with an income of under £35,000 a year will now be eligible for the payment, rather than just those who receive means-tested benefits. Those with an individual income above that will still receive the payment, but it will be reclaimed through the tax system, either through PAYE or self-assessment.