The Minister of Finance of the United Kingdom, Rachel Reeves, plans to cut the costs of running the government by 15 percent within four years, as she struggles with strained public finances.
Reports indicate that Reeves is expected to detail billions of pounds in spending across various government departments.
Reeves insisted that she would stick to her fiscal rules when she delivers her financial update next Wednesday. She noted that the United Kingdom will not borrow to fund day-to-day spending in order to ensure that debt falls as a share of the gross domestic product by 2029-2030.
She emphasized that the restrictions are designed to ensure that the government’s spending plans maintain credibility in financial markets.
It was gathered that the target would translate into annual savings of £2.2 billion ($2.8 billion) across Britain’s civil service, which employs more than 500,000 people.