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.

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