Chancellor Rachel Reeves faces criticism over trade trip to China amid UK economic turmoil

Chancellor Rachel Reeves is facing criticism for her trade trip to China amid economic turmoil in the UK. Firms report lower wages and higher prices due to increased National Insurance, with many businesses planning to cut jobs. The Bank of England's report indicates that rising costs and inflation fears have led to higher government borrowing rates. This situation raises concerns about potential spending cuts and austerity measures in the future. The pound has dropped to its lowest level against the US dollar since 2023, and businesses are becoming more pessimistic about hiring. The government plans to review spending, with implications for public services and economic growth.