“We will measure debt differently. But, of course, we will put guardrails in place,” Reeves told Sky News on Thursday, following his initial announcement in the Financial Times.

Reports suggest the Treasury could target public sector net financial liabilities (PSNFL) in measuring the UK’s debt, rather than public sector net debt. The PSNFL measure takes into account a broader picture of the government’s balance sheet, including financial assets and liabilities, than public sector net debt. The Treasury declined to comment on the proposals.