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

The cost of Government borrowing has increased amidst speculation Rachel Reeves could change debt rules to spend billions more on investments.

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.

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.

U.K. Finance Minister Rachel Reeves on Thursday confirmed she intends to change the country’s fiscal rules in the October budget.

Rachel Reeves will reportedly unveil a major change to Labour’s fiscal rules at the budget on 30 October by borrowing billions for infrastructure investment. Following weeks of speculation, the chancellor will reveal her plans to change Britain’s debt rules at the International Monetary Fund’s (IMF) annual meeting in Washington on 24 October.