Budget will reverse huge cuts in UK’s public investment, Reeves confirms

Chancellor pledges to spend, but says there will be no Truss-style splurge when she changes fiscal rules in budget

Rachel Reeves will pledge to reverse huge cuts in public investment in her budget next week after she confirmed that rules limiting her spending power will be overhauled to enable the government to release as much as 50bn for infrastructure spending.

The chancellor said she would revise how the Treasury calculated shortfalls in the government budget over the rest of the parliament to free up funds to invest in public infrastructure.