Alistair Darling is planning new targets for cutting borrowing and formal external oversight of the public finances as part of proposals to replace Gordon Brown’s fiscal rules. The chancellor will use Wednesday’s Mais lecture formally to scrap the rules introduced by Brown when Labour came to power in 1997 and give the green light to higher levels of borrowing as the UK enters recession. Details of the new borrowing regime will be set out in the forthcoming pre-Budget report.

This entry was posted by Tracy Alloway on Monday, October 27th, 2008 at 4:16 and is filed under Capital markets, People. Tagged with Alistair Darling, gordon brown. Edit this entry.