Today, against a backdrop of the worst government borrowing figures in six years and the Prime Minister's pledge of increased defence spending, George Osborne delivered his first Autumn Statement as Chancellor of a majority Conservative Government, and also published the outcome of the Spending Review.

Both the Autumn Statement and Spending Review set the departmental limits for the next five years and give details of the government's taxation and deficit reduction plans.

With George Osborne’s Leadership dreams slipping between his fingers, this was his chance to shine. After announcing a massive U-turn on tax credits and announcing the largest cuts in history to Whitehall departments, including the previously ring-fenced Department of Health’s Whitehall budget, he unveiled a £6.9bn affordable housing programme to build 400,000 affordable homes.

After announcing a string of new measures to encourage private developers to construct affordable homes, it is clear that the winners of today’s Autumn Statement are the house builders.

SPENDING REVIEW FORECASTS:

KEY POINTS

Clare George-Hilley is Director of Communities and Social Justice, Parliament Street Research Council. She is a Contributing Editor to The Commentator. Follow Clare George-Hilley on Twitter: @ClareHilley