Reeves has said the government will change these rules to free up billions for spending on big projects.

Rachel Reeves said the Government would put “guardrails” in place as it changes how debt is measured

UK finance minister Rachel Reeves announced Thursday changes to fiscal rules to open up billions for investment in the centre-left government's maiden budget, but warned of tax rises and spending cuts. Reeves confirmed that "taxes will need to rise" in the budget, without revealing many details on which taxes will be included.

U.K. Finance Minister Rachel Reeves on Thursday confirmed she intends to change the country's fiscal rules in the October budget.

Rachel Reeves will rewrite debt rules in a bid to free up £50bn in spending.

(Bloomberg) — Chancellor of the Exchequer Rachel Reeves said she’ll change the fiscal rules underpinning the UK’s spending plans in order to boost government investment, a move that could allow Britain to borrow as much as £70 billion ($91 billion) more over the next five years.