It’s here. For months now it’s been a case of wait and see. Rachel Reeves’ first Budget, which promised greater capital investment while also increasing taxes on business, was met with a mixed reaction in the built environment.

But since then, there has been a sense among many in the sector that it would not be until the spending review, due to be unveiled by the chancellor this Wednesday, that we would discover whether this Labour government would really walk the walk on housing and infrastructure investment. 

While last year’s Budget set out plans for where to tax and borrow to fund overall spending levels, the spending review will set out the Treasury plans to divide up more than £600bn annually between different government departments.

This is the first such review since the pandemic - the last one was undertaken by Rishi Sunak in 2021 - and the government has already made a few key announcements about what will be included. But a large part of the detail will remain under negotiation right up to the wire, as key ministers seek to increase their share of the pie.

Regardless, here are some of the key things to watch out for on Wednesday.