The Spending Round is the Chancellor's opportunity to lay out his plans for public spending over the period from April 2015 to April 2016.
It is different from a Spending Review because it only refers to one year, rather than two or three.
At Budget 2013, the government confirmed the overall level of public spending for that period (the 'spending envelope'). The Spending Round is the process through which this envelope is allocated to government departments to pay for all areas of government activity.
Its purpose is to decide where cuts should fall, and how the £660 billion expected to be raised in taxes, and the extra £85 billion expected to be raised through borrowing, should be allocated.
Shadow financial secretary to the Treasury Chris Leslie writes for ITV News in response to the Chancellor's Spending Review.
While the Conservatives and Lib Dem strategies are clear enough, Labour's response to government cuts is not yet obvious.
By excluding pensions and the benefits associated with the economic cycle, Osborne has put an automatic cap on a narrow range of benefits.