Reeves vows ‘action’ to meet fiscal rules amid rise in borrowing costs

Rachel Reeves faces the prospect of deeper spending cuts if she is to meet her fiscal rules following turbulence on the bond markets (Aaron Favila/AP) - (AP)

Rachel Reeves has said she will “take action” to meet her fiscal rules following turbulence on the gilt markets.

Increases in the Government’s borrowing costs have sparked concern that the Chancellor will be unable to meet her debt and spending targets, requiring either tax rises or deeper spending cuts when she delivers a fiscal statement at the end of March.