UK govt changes budget rules to borrow more for investment

LONDON, Oct 25 (AFP): 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.
The highly-anticipated October 30 budget will be the first under Labour after 14 years of right-wing Conservative rule, with Prime Minister Keir Starmer already warning of "painful" decisions.
Reeves unveiled the new fiscal rules in an op-ed in the Financial Times, saying that sustainable growth requires "a responsible, long-term plan to invest in the future and improve living standards".
The Labour government has made growing the UK economy a priority after winning national elections by a landslide at the start of July.
Reeves confirmed that "taxes will need to rise" in the budget, without revealing many details on which taxes will be included.