The government is considering only having the public finances formally assessed once a year after the International Monetary Fund (IMF) suggested it should do to avoid "overly frequent" changes in policy as a result of its borrowing rules.

The UK's independent forecaster - the Office for Budget Responsibility (OBR) - currently assesses if the government is on course to meet its limits on borrowing twice a year.

This year changes in its forecast for the economy, driven by rises in global and domestic government borrowing rates, led to Chancellor Rachel Reeves announcing £5bn in health-related welfare cuts.

However, the cuts were then reversed after a Labour backbench revolt last month.

The influential IMF, as part of its annual health check of the UK economy, said the best solution would be for the government to allow greater room for manoeuvre around its fiscal rules, "so that small changes in the outlook do not compromise assessments of rule compliance".