Labour to pledge ‘ironclad discipline’ with public finances

Shadow chancellor Rachel Reeves will bind a future Labour government to strict borrowing limits

Labour has committed to ironclad discipline" with the public finances and cutting Britain's debt burden if it gets into power, in an attempt to draw a clear dividing line with Tory leadership hopefuls promising billions of pounds in tax cuts.

Rachel Reeves, the shadow chancellor, will use a speech on Wednesday to bind a future Labour government to strict borrowing limits designed to protect the public finances while allowing it to lay the foundations for a growing economy.