8 sources·Politics

Chancellor Reeves Announces Major Change to UK Fiscal Rules Ahead of Upcoming Budget

UK Finance Minister Rachel Reeves plans to modify fiscal rules to allow for increased investment and borrowing, aiming for economic growth despite expected public service cuts.

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Updated: Oct 24th, 2024, 11:51 AM ET

Summary

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In a bid to stimulate economic growth, UK Finance Minister Rachel Reeves is set to announce a shift in fiscal rules, allowing for up to £50 billion in additional borrowing for infrastructure investment. This move comes ahead of a budget where Reeves will also manage cuts to public services. The proposed changes, targeting public sector net financial liabilities (PSNFL) rather than traditional debt measures, reflect the government's commitment to increase investment while maintaining debt reduction plans over the next five years. Economists express cautious optimism over the potential impacts on public spending and market confidence.

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