Chancellor Rachel Reeves to rewrite public finance rules to borrow more for investment

The chancellor is to rewrite the government's fiscal rules in the autumn budget to allow her to increase borrowing for public investment by around £50bn.

Speaking to Sky's Paul Kelso in Washington DC, Rachel Reeves said the self-imposed rule under which borrowing must be falling by the fifth year of economic forecasts will be redefined from the current measure of public sector net debt.

Ms Reeves would not be drawn on what measure will replace the current rule but there is speculation that she will favour using public sector debt net of financial liabilities.

#Budget2024 #Economy #Politics #UK

[harjbachra]

She’s borrowing more to pay for the none existing energy company they said gonna open .

[DougRutter]

Wouldn’t trust her with a shopping list at Tesco

[jonsnow]

Given she can't do her own tax returns I have grave doubts she can do much to help the people ! We shall soon see how good she is after the budget .

[MacksCurley]

Just put it on the credit card. No worries.

[Xxj-yn]

So more borrowing and more debt. Labour doing what Labour always do tax and spend.

[deirdreblair]

Debt has to be paid back, with interest. Who will be paying that. Oh! the tax payer, She's full of B/S.

[Scorpnorx]

B..b..but what about the £22bn black hole?? 😂

[kynismos]

"Borrow for investment"😊 They really think voters are stupid.

[gug]

Labour Party : "Lets borrow our way out of debt"

[markjefferson]

Now I didn't see that coming .... labour borrowing more, now there a thing

[PatrickDigney]

Borrowing money to give away to other countries..couldn't make it up 😮

[livelife]

They’re creating a permanent austerity.

[AlanMatthews-rj]

Well done chancellor, devaluing the Sterling even more.

[davelindsay]

Carbon capture ???? why borrow money for that??? it changes nothing.

[daniel-thompson]

go to france, come back on a boat and im basically retired

[timbimjim]

Who's going to buy the debt? Where's the money coming from? The UK is stuffed.

[johndean]

The Romans thought things was Bad under NERO. Hate to think what they would have made of Labour.

[Jseph]

We've dug a whole so deep, we're at the limit... so she changes the limit and digs us deeper. Just redefine debt so we pretend we're not in as much debt. Can I redefine my taxes to be optional.

[bobcarptheTaf]

I'm going to rewrite the way i borrow money for my mortgage and car loan will run this by my bank manager in the morning 😂😂😂

[ianlarman]

Seriously???? Couldn't do that for pensioners but can to fund their insane plans.