The Chancellor of the Exchequer of the United Kingdom, Rachel Reeves, is set to announce a major change to government debt rules in a speech at the International Monetary Fund (IMF) meeting in Washington. Reeves will tell the IMF’s annual meeting that a new method for assessing the UK’s debt position will be included in the Budget Statement next week, allowing the Treasury to borrow more for long-term investment.

The new methodology for assessing public debt will take into account both the government’s financial assets and liabilities, including student loans and stakes in private companies, allowing the Treasury to increase lending for long-term investment. The move, The Guardian newspaper reports, is aimed at boosting economic growth and will allow the UK government to spend up to £50bn (€60bn) on infrastructure investment. “A Britain founded on economic stability is a strong and credible international partner,” Reeves said before his departure, adding: “I will be in Washington to tell the world that our next budget will be a reset for our economy, as we invest in the foundations for future growth.”

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