Chancellor of the Exchequer Rachel Reeves said she’ll change the fiscal rules underpinning the UK’s spending plans in order to boost government investment, a move that could allow Britain to borrow as much as £70 billion ($91 billion) more over the next five years.

Britain's finance minister Rachel Reeves said she would change the fiscal rules in the budget, and the Financial Times said she would be seeking to fund around 20 billion pounds a year of extra investment with increased borrowing.

UK Chancellor of the Exchequer Rachel Reeves confirmed that she would make tweaks to her fiscal rules to allow more borrowing for investment, as the new Labour administration seeks to boost economic growth.

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 cuts.

WASHINGTON (Reuters) -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.

The Chancellor will be looking to raise up to £40 billion from tax hikes and spending cuts in order to avoid a return to austerity.