3) Comparison of the relative impact of climate damage, climate mitigation costs and fuel duty loss. Striking how significant the costs to the public finances of a changing climate are, not just the more often discussed costs of getting to net zero and loss of fuel duty revenues.

2) Falling demand for UK gilts from the changing pensions landscape. Role of defined benefit pensions schemes in shaping the structure of the gilt market has been substantial over the last few decades. Forecasting exactly how their demise will impact it is hard, but a clear reminder of the scale.

1) Sensitivity of PSNFL (government's new debt metric) to shocks. Reminder there is still a debt rule that could bite on capital spending in the future. Loan valuation shock actually the one that hurts most because what matters for a debt falling rule is the slope of the line in the final year.

Great discussion this morning. Extremely striking chart to open today's report too - the end of low pay in Britain @nyecominetti.bsky.social

This chart shows how the government's affordable homes commitment compares to previous levels of funding. More than since the financial crisis, but slightly lower in real terms than under the last Labour government.

This chart shows the health picture. Real increase in RDEL through this spending review is £19bn. Health and social care takes £17bn of it.

This table confirms no change to the RDEL envelope, and a small reprofiling of the CDEL envelope - so basically spending review delivered within the totals Treasury had available.

This chart shows the implications for example if health settles at the rumoured 2.8%

In one chart - why a government focused on living standards for all would not have winter fuel U-turn as the priority.

Fascinating data for those into income distributions. Including nobody thinks they are rich.

The welfare cuts come in April 2026, but the detail reveals that the £1bn employment support that was promised in exchange is heavily backloaded. So only £200m of support is actually available for extra work support in the year the cuts come in.

Yesterday's welfare announcements have very concentrated impacts for individuals who lose eligibility (and some gains for others). Case studies just published - only the government knows how many people will suffer £9k losses. Shouldn't they tell us?

A new way for Reeves to explain why she feels "fixing the black hole" had to come before "third runway "? A bit pithier than the speech, courtesy of diary of a wimpy kid.

Enjoyed learning about this chart from the RF team today. We haven't got any more built-up since 1990?!? Some justification for the CX getting building today.