Reeves to press ahead with capital spending plans despite rising debt costs

Exclusive: chancellor’s plan to change rules to allow more borrowing for investment comes as cost of government debt rises

Rachel Reeves is pushing ahead with plans to borrow billions of pounds extra for infrastructure investment, the Guardian has learned, despite concerns about the rising cost of UK government debt.

The chancellor told the cabinet on Tuesday she wanted to change how the Treasury accounted for capital spending to reflect its benefits, as allies say she intends to finalise her debt rule in the coming days.