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Rachel Reeves announces major change to fiscal rules to free up billions of pounds

25 October 2024
in Business
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Rachel Reeves announces major change to fiscal rules to free up billions of pounds
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Rachel Reeves will change the UK’s fiscal rules in her upcoming Budget to allow for up to £50bn of extra borrowing for infrastructure projects, such as roads and railways, over Labour’s term in power. Despite the change, the Budget is still expected to include cuts to public services and tax rises, with potential areas of focus being pensions, inheritance tax, and capital gains tax. Additionally, Labour plans to add VAT to private school fees in 2025 to fund more teachers in the state sector.

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