LONDON - British finance minister Rachel Reeves said she will introduce"guardrails" to ensure that extra borrowing for investment in her first budget is not excessive as she seeks to reassure investors about an expected rise in public debt.
With public debt at around 100% of annual economic output, investors are waiting to see how much more borrowing Reeves opts for alongside some tax increases. Reeves said the Office for Budget Responsibility, which makes the forecasts that underpin the government's spending and tax plans, and the National Audit Office, a spending watchdog, would scrutinise her plans for public investment which would incentivise private investment too.
The former Bank of England economist confirmed she planned to revise the government's fiscal debt rule to"take account of the benefits of investment, not just the costs," but declined to say how much extra spending those changes would allow.
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