Javid says would spend up to 3% of GDP on infrastructure

Javid says would spend up to 3% of GDP on infrastructure
FILE PHOTO: Britain's Chancellor of the Exchequer Sajid Javid is seen on Downing Street in London, Britain October 29, 2019. REUTERS/Yara Nardi/File Photo -
Yara Nardi(Reuters)
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MANCHESTER, England (Reuters) – British finance minister Sajid Javid said a new Conservative government would introduce a fiscal rule allowing it to spend billions of pounds more on infrastructure up to 3% of annual economic output.

Javid, who said it was a responsible time to invest in the country, said he would keep a balanced current budget for day-to-day spending, but would borrow more to invest.

He said investment in long-term projects like road and rail would not exceed 3% of gross domestic product.

(Reporting by Kylie MacLellan and William Schomberg; writing by Kate Holton)

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