UK's Labour finance policy chief sets out fiscal rules

Britain's opposition Labour Party on Tuesday set out the fiscal rules it would abide by if it won the next general election, expected later this year. That the current budget must move into balance, so that day-to-day costs are met by revenues".

Britain's opposition Labour Party on Tuesday set out the fiscal rules it would abide by if it won the next general election, expected later this year. A text of a speech by Labour's finance policy chief Rachel Reeves, released by her office as she was speaking, said Reeves would say:

"Let me be clear about the rules which will bind the next Labour government. That the current budget must move into balance, so that day-to-day costs are met by revenues". "And that debt must be falling as a share of the economy by the fifth year of the forecast, creating the space to respond to future crises."