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Chancellor Reeves to unveil new fiscal rules allowing £50 billion for UK investment

theguardian.com — October 23, 2024, 08:00 PM UTC

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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Article metrics
Significance5.0
Scale & Impact5.3
Positivity5.8
Credibility8.5
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Timeline:

  1. [2.1]
    David Blunkett advises Rachel Reeves to rethink private pension plans in upcoming budget (dailymail.co.uk)
    3d 23h
    Source
  2. [3.3]
    Labour peer warns of pension risks from proposed National Insurance increase ahead of Budget 2024 (news.yahoo.com)
    4d 15h
    Source
  3. [2.3]
    Lord Blunkett warns pensions tax could harm retirement living standards in the UK (dailymail.co.uk)
    5d 0h
    Source
  4. [2.5]
    Labour plans to shield public sector pensions from new tax on employer contributions (dailymail.co.uk)
    5d 23h
    Source
  5. [3.8]
    Chancellor Rachel Reeves plans economic reset in UK Budget but warns of financial pain (dailymail.co.uk)
    6d 0h
    Source
  6. [2.6]
    Labour's new Chancellor plans national insurance on pension contributions, raising concerns over private sector impacts (dailymail.co.uk)
    6d 0h
    Source
  7. [5.6]
    Reeves aims for economic reset in first UK Budget as IMF raises growth forecast (news.yahoo.com)
    6d 1h

    ScoresSource
  8. [5.1]
    Chancellor Rachel Reeves plans increased borrowing for infrastructure and clean energy investment (independent.co.uk)
    6d 1h

    ScoresSource
  9. [3.7]
    Starmer says upcoming Budget will keep entrepreneurs in the UK (independent.co.uk)
    6d 2h
    Source
  10. [2.5]
    Labour plans new tax on employer pension contributions in upcoming Budget (express.co.uk)
    6d 5h
    Source