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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UK Finance Minister Reeves Vows No Austerity But Promises 'Difficult Choices'British Finance Minister Rachel Reeves has pledged that there will be no return to austerity policies as she prepares to unveil her budget proposals next month. While acknowledging the tough economic challenges inherited from the previous Conservative government, Reeves emphasized her commitment to rebuilding Britain through ambitious spending and taxation measures.
Source: NBCNewYork - 🏆 270. / 63 Read more »
No return to austerity, says UK finance minister Rachel ReevesUK Finance Minister Rachel Reeves will pledge no return to austerity policies despite warnings of tough budget decisions aimed at fixing the economy. Reeves will emphasize stability as crucial for investment and future planning.
Source: Investingcom - 🏆 450. / 53 Read more »
UK Finance Minister Reeves vows no austerity despite tough budgetFollowing Labour's election victory in July, Rachel Reeves suggested taxes were likely to rise in her first budget on Oct. 30.
Source: CNBC - 🏆 12. / 72 Read more »
Japan finance minister says Seven & i's new 'core' tag doesn't raise bar for buyoutJapan finance minister says Seven & i's new 'core' tag doesn't raise bar for buyout
Source: Investingcom - 🏆 450. / 53 Read more »
China's Former Minister of Finance Calls Crypto a 'Crucial Aspect' of Digital EconomyThe former minister called on Beijing to study the industry in light of Republican candidate Donald Trump's comments on crypto.
Source: CoinDesk - 🏆 291. / 63 Read more »