Why the chancellor’s plan to unlock billions of pounds of government investment is such a gamble

By Steve Schifferes, Honorary Research Fellow, City Political Economy Research Centre, City St George's, University of London

Perhaps the most important long-term change announced in the first Labour budget are the new rules the government has set itself to fund the expansion of public services and increase public investment. These fiscal rules, which set out how much the government can borrow and spend, are seen as critical to reassuring the markets and the public that the government is sensibly managing the economy.

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