Economics
U.K. Spending Rules Could Be Torn Up As Sunak Reviews Javid Plan
- Inexperienced chancellor mulls change to fiscal guidelines
- Date of budget to be announced in coming days, officials say
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Just days into his new role as U.K. Chancellor of the Exchequer, Rishi Sunak is considering tearing up the spending framework that underpinned Prime Minister Boris Johnson’s victory in last December’s election.
Sunak, who took the top job at the Treasury on Thursday, is examining whether to keep the fiscal rules his predecessor Sajid Javid agreed to with Johnson last year, according to a person familiar with the matter. Those rules, which restrict day-to-day spending and commit the government to cutting debt, are designed to keep the U.K.’s budget under control.