Rachel Reeves will reportedly unveil a major change to Labour’s fiscal rules at the budget on 30 October by borrowing billions for infrastructure investment. Following weeks of speculation, the chancellor will reveal her plans to change Britain’s debt rules at the International Monetary Fund’s (IMF) annual meeting in Washington on 24 October.

Rachel Reeves has promised her first Budget will be an economic "reset" for the UK. The Chancellor said her statement on October 30 will invest in the "foundations of future growth". Ms Reeves was speaking before talks with finance ministers from around the world in Washington DC at the International Monetary Fund (IMF) annual meeting.

Officially Rachel Reeves, the chancellor, will unveil Labour’s first budget (and probably the most important of the whole parliament) on Wednesday next week. But in practice budget announcements are now two-week news events,

British finance minister Rachel Reeves said she would be presenting her upcoming budget as a chance to reset the country's economy and boost investment when she meets international partners in Washington on Thursday.

The Chancellor will be looking to raise up to £40 billion from tax hikes and spending cuts in order to avoid a return to austerity.