Labour's John McDonnell will tomorrow unveil a new set of fiscal rules that would allow a Labour government to borrow billions more to spend on favoured investment projects, sources have told Sky News.
The Shadow Chancellor's new fiscal lock would be less restrictive than the current Treasury guidelines, Sky News understands.
The move is a major intervention by Mr McDonnell ahead of the Budget.
The Shadow Chancellor will make the case that historically low government borrowing rates are an opportunity to spend more on investment to boost growth in the economy
It comes after Mr McDonnell first backed the Government’s fiscal charter and then U-turned on that to vote against it last autumn.
Critics are expected to point out that further borrowing pronouncements in the speech in London tomorrow could impact upon the party’s economic credibility.
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