October 16, 2019 / 11:22 PM / a month ago

Javid, eyeing investment, promises a decade of economic renewal

Britain's Chancellor of the Exchequer Sajid Javid is seen outside Downing Street in London, Britain October 15, 2019. REUTERS/Henry Nicholls

WASHINGTON (Reuters) - British finance minister Sajid Javid will promise on Thursday to launch “a decade of renewal” for the country’s economy as he prepares to increase public investment after years of tight control on government spending.

Javid will make his comments to other finance chiefs at a planned gathering of International Monetary Fund member countries in Washington on Thursday, Britain’s finance ministry said.

Javid, who became finance minister in July, is working on new fiscal rules to be announced along with his first budget plan which is due on Nov. 6, if Britain can avoid a no-deal Brexit before then.

Last month he announced the biggest rise in day-to-day public spending in 15 years in a one-year expenditure plan which was widely seen as paving the way for an early election.

Javid has previously said his budget will focus on improving infrastructure.

The ministry said Javid would also support calls made by the IMF earlier this week for countries to invest in long-term growth and he was determined to take advantage of record-low borrowing costs for productive investment.

Javid was also due to say that getting Brexit done would unlock corporate investment, which has fallen due to uncertainty about Britain’s departure from the European Union, and that the country would remain an open economy.

Writing by William Schomberg; editing by Richard Pullin

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