Parliament Wants Stricter UK Budget Rules
A House of Lords committee has urged Finance Minister Rachel Reeves to strengthen fiscal rules requiring public debt to decline within three years rather than merely stabilize. The committee warns that current rules lack sufficient safeguards against long-term debt accumulation and economic shocks, with UK debt now at 95 percent of GDP.
British finance minister Rachel Reeves should explicitly aim to bring public debt below its current level within the next three years, rather than simply halt its current rise, according to a committee of the United Kingdom's upper house of parliament. The House of Lords Economic Affairs Committee said Reeves' fiscal rules—which she set out in October 2024—were not stringent enough to prevent public debt from rising as a share of the economy over the long term.
