Chancellor Reeves to unveil new fiscal rules allowing £50 billion for UK investment
Summary: Chancellor Rachel Reeves will announce a significant change to the UK's fiscal rules at the International Monetary Fund meeting in Washington. This change will allow the government to borrow an additional £50 billion for infrastructure projects.
The new debt measure will replace the existing public sector net debt with public sector net financial liabilities, which considers all government assets and liabilities. This shift aims to provide more flexibility for long-term capital investment.
Reeves will maintain that day-to-day spending must be covered by tax revenues, with borrowing reserved for capital projects. The government plans to focus on energy and transport investments while ensuring value for money in spending.
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