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Whoever triumphs on 12th December will play by different fiscal rules

Both main parties must commit to the spirit of their targets not just the letter

By Gemma Tetlow  

Photo: Kirsty O'Connor/PA Archive/PA Images

Whatever the result on 12th December, the next government will adhere to a very different set of fiscal rules from the ones that have applied since 2015. Since the Conservatives won a majority in the election that year, the government has been committed—in theory at least—to eliminating borrowing altogether. But that pledge will be ditched after the forthcoming election—whoever wins—and replaced by rules that will allow more borrowing for investment, particularly when interest rates are low.…

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