Rachel Reeves’ Budget is expected to be a mixed bag, with deep spending cuts and sharp tax rises offset by a debt-funded spending spree of tens of billions

Rachel Reeves will seek to fund around £20 billion a year of extra investment in Britain with increased borrowing, it was reported on Thursday. The Chancellor is set to tear up her fiscal rules, to allow her to borrow more long term, while also imposing stricter limits on in year spending.

British finance minister Rachel Reeves said on Thursday she would change the measure of public debt that the government targets in next week's budget in order to allow more borrowing for investment.

Rachel Reeves: I’ll be setting out two fiscal rules at the budget next week. The first is the stability rule to pay for the spending through tax receipts. That was something that the previous government weren’t even trying to do, let alone able to meet. That’s really important because that’s about the sustainability of the public finances.

Rachel Reeves will rewrite debt rules in a bid to free up £50bn in spending. Ms Reeves confirmed on Thursday that she will change the way debt is calculated to take into consideration investment spending. The Chancellor said her fiscal rules will ensure that debt falls "during the course of this parliament".

British finance minister Rachel Reeves plans to change how public debt is measured in the upcoming budget to enable increased investment borrowing. While she promises debt reduction, Reeves declines to reveal the new measurement but emphasizes borrowing strictly for long-term investment rather than day-to-day spending.

Chancellor confirms new debt definition, saying it will ‘make space for increased investment’ as Tories claim interest rates will stay ‘higher for longer’

UK finance minister Rachel Reeves announced Thursday changes to fiscal rules to open up billions for investment in the centre-left government's maiden budget, but warned of tax rises and spending