Sorry to be an Eyeore on the first day of the year, but I wouldn’t get excited if I were you - I very strongly doubt this comes with a repeal of the legislation committing us to spend a % of GDP.
I’m not expecting to suddenly see billions appearing in the MOD or NHS accounts, I just see this as a recognition that huge amounts have thus far been wasted on random politically correct schemes and countries who neither want nor need our aid and the end result hasn’t generated any ‘net gains’ for U.K. plc. We will still keep spending that % we are now obliged to, it might just now be spent in a way more in line with the UK’s objectives.
So sorry, I doubt welll be seeing a sudden influx of F-35s, desperately needed warships or any new armoured capabilities for the troops. But do expect to see arguments for how we are now using the aid budget to bolster security (not Defence) through upstream soft power and the like.