Treasury hints Labour will spend billions on infrastructure

Published On Oct 17, 2024, 8:01 PM

The UK government is planning to ease its borrowing rules to invest billions in infrastructure projects. This move is aimed at stimulating the economy and encouraging private sector involvement in major projects. The Treasury Chief Secretary, Darren Jones, stated that new 'guardrails' will ensure effective borrowing for investment, promoting faith in public spending. The government intends to establish a National Infrastructure and Service Transformation Authority to oversee these investments and ensure they yield long-term economic benefits. However, there are concerns among ministers about potential spending cuts in other areas, leading to mixed reactions regarding this fiscal strategy.