Chancellor George Osborne has outlined his autumn spending review to MPs in the House of Commons.
Here, ITV News' team of specialist editors give their verdict on what he had to say.
Chris Ship, deputy political editor
Here's my best go at explaining how George Osborne magicked away his tax credits headache:
The cuts he announced in the Summer Budget were worth £4.4 billion.
By axing them completely - he is allowing the Treasury balance sheet to take the hit for the next couple of years.
But it does mean George Osborne will miss his self-imposed welfare cap which he lowered in his last Budget.
Richard Edgar, Economics Editor
Interestingly there are fewer tax cuts than at any time since 2008. A different chancellor than in previous budgets.
After abandoning the politically toxic cuts to tax credits, Mr Osborne will borrow a little more to make up the difference in the early years before people are moved onto Universal Credit which is less generous.
Overall, changes to forecasts have given Mr Osborne some very welcome breathing space.
Penny Marshall, social affairs editor
The Chancellor claims the council tax "precept" (or to call a spade a spade, the council tax rise) will raise £2 billion and brink this sector back from the brink of crisis.
He also announced more money will be put into the Better Care Fund as health and social care budgets are increasingly merged.
So why aren't the people I'm with cheering?
There are limits to this solution.
Joel Hills, business editor
He trumpeted the winners - the losers will become obvious in time.
Meanwhile, steel companies won't now have to pay the Renewables Obligation or Feed-in Tariffs. But this won't leave the companies any better off - they were already being compensated for the costs of those charges.
What it does is save the Department for Business, Innovation and Skills £410m by 2019/20, as this compensation scheme is to be abolished.
Rohit Kachroo, UK editor
George Osborne saved one of the biggest surprises of his spending review to the final moments.
Despite speculation about double digit cuts to police budgets, and thousands of jobs slashed, he revealed that there would be no cuts at all.
But pressure on police budgets won't simply disappear.
Perhaps the big changes to policing which appeared to be around the corner have been delayed, rather than scrapped.