The value of the pound fell to its lowest level in over a year while UK borrowing costs jumped to their highest since the financial crisis

Sir John Gieve, former Deputy Governor at the Bank of England, said the Chancellor may have to hike taxes or impose some ‘very severe reductions and squeezes’ on public services

Rachel Reeves faces mounting pressure to cancel her trip to China as Britain grapples with a market crisis that has pushed Government borrowing costs to their highest level since the 2008 financial crash.

Rachel Reeves was urged to scrap a trip to China to stay in Britain to tackle the nation’s economic woes. The Chancellor was accused of having “fled to China” rather than explain how she will help the UK’s “flatlining” economy after borrowing costs hit a 27-year high and the Pound fell to a year low against the Dollar,

Chancellor Rachel Reeves faces demands to cancel a trip to China as the UK economy descends into chaos. She is jetting off to Beijing despite fears that a crisis on the financial markets could force her to impose fresh tax hikes or impose swingeing spending cuts.