Rachel Reeves is set to announce a plan to change Britain's debt rules that could allow the government to spend more on infrastructure. The Chancellor will confirm the new assessment of the UK's debt at IMF meetings in Washington next week. Reeves aims to raise up to £40 billion through tax hikes and spending cuts to avoid austerity in the upcoming fiscal statement. The IMF recently upgraded its growth forecast for the UK economy, but its chief economist warns against too much fiscal consolidation. Reeves will also attend G7, G20, and IMF meetings to discuss global economic issues and support sustainable development goals.