New UK finance minister to deliver budget in October

"It will ‌be built ‌on ⁠fiscal discipline. It will meet our fiscal ​rules."

Prime Minister Andy Burnham, who moved into Downing Street less than two weeks ago, has also said he will honour the fiscal rules which include a pledge to balance ⁠day-to-day spending with tax ‌revenues ​by the end of the decade.

Economists say the government ​has only ‌a small margin of error for hitting that target and ​some of Burnham's policy priorities - such as extra defence spending and better social care - will put more ​strain ​on the public ​finances.

Burnham has said that meeting ‌the fiscal rules might mean "having to ask for a little more" on tax although he has also pledged to stick with promises made by previous prime ​minister Keir Starmer not to raise the main rates ​of taxation.