Rachel Reeves basks in IMF backing for UK budget rules overhaul

In one session after another, IMF officials repeated backing for principle of increased borrowing to drive growth

Speaking on Tuesday in Washington, the chief economist of the International Monetary Fund suggested he was relaxed about higher debt levels to fund public investment. He made the comment in answer to a question about the UK at the annual meetings of the IMF and World Bank, but it felt like a highly choreographed piece of theatre.

Rachel Reeves was due to arrive at the meetings in the US capital the following evening and the IMF was aware that the UK chancellor was going to announce a significant overhaul of Britain's budget rules to allow for more investment by the state.