Debt rule to change to fund major projects

Getty ImagesThe Treasury has given its clearest indication yet it will change its self-imposed debt rule in order to borrow billions to fund new infrastructure projects.
Independent checks on spending for major building work will be introduced to allow the government to borrow for investment "more efficiently", the Treasury Chief Secretary, Darren Jones, has said.
He claimed the safeguards on spending will aim to avoid a repeat of the financial turmoil which followed the 2022 mini-Budget under former Prime Minister Liz Truss.
New watchdogs will oversee a 10-year strategy for a pipeline of major projects, in areas such as buildings, roads and rail.
What the government is calling the "guardrails" for infrastructure spending will form part of its aim to encourage the private sector to invest in British projects.
Under this plan, "expert-led checks and balances" will determine the quality of government borrowing for investment.