Chancellor faces criticism for China trip as UK financial turmoil deepens

Chancellor Rachel Reeves faces criticism for planning a trip to China amid rising financial turmoil in the UK. The pound has dropped significantly against the dollar, and government borrowing rates have reached a 27-year high. Experts warn that the UK could be heading for a debt crisis similar to the one in the 1970s. Concerns include rising mortgage rates and the potential need for austerity measures to restore market confidence. The Treasury has issued a statement reaffirming its commitment to fiscal rules. Meanwhile, calls for Reeves to address the economic situation at home continue as market instability raises fears about the UK's financial future.