Reeves Considers Borrowing Rules Change

This is a Britain news story, published by The Times & The Sunday Times, that relates primarily to Rachel Reeves news.

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The Times & The Sunday Times

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Rachel Reeves hopes for £50bn windfall with fiscal rules rejig

Summary

Nutrition label

71% Informative

Rachel Reeves has asked the Treasury to look at changing the government’s current borrowing rules that would hand her a windfall.

The present system has long been criticised by economists for discouraging long-term investments that could grow the economy.

Plan comes as Reeves has been forced to reassess another key Labour budget measure after being warned that her plan to crack down on non-dom tax perks might not raise money.

Advertisement Tom Railton , director of the Invest in Britain campaign group, said the current fiscal rule “focuses too much on the short-term cost of investment and fails to recognise the substantial long-term benefits”. A Treasury spokesman said: “The budget will be built on the rock of economic stability, including robust fiscal rules that were set out in the manifesto. These includes moving the current budget into balance, so that day-to-day costs are met by revenues, and debt falling as a share of the economy by the fifth year .”.

VR Score

Informative language

Neutral language

Article tone

semi-formal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful