Chancellor Rachel Reeves insisted her first Budget would pave the way for improved public services and ‘rebuild our economy’.

British finance minister Rachel Reeves plans to change how public debt is measured in the upcoming budget to enable increased investment borrowing. While she promises debt reduction, Reeves declines to reveal the new measurement but emphasizes borrowing strictly for long-term investment rather than day-to-day spending.

Chancellor confirms new debt definition, saying it will ‘make space for increased investment’ as Tories claim interest rates will stay ‘higher for longer’

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.

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.

Officially Rachel Reeves, the chancellor, will unveil Labour’s first budget (and probably the most important of the whole parliament) on Wednesday next week. But in practice budget announcements are now two-week news events,

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.

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.