Chancellor Rachel Reeves faces pressure over fiscal rules ahead of potential emergency Budget

Chancellor Rachel Reeves emphasized that her fiscal rules are "non-negotiable" during a visit to a bicycle shop in Beijing. This statement has raised concerns about her ability to adapt if economic conditions worsen, similar to past political missteps. Reeves previously committed to having only one Budget a year, but the Office for Budget Responsibility is set to release two forecasts. If the forecasts indicate a breach of fiscal rules, she may need to announce an emergency Budget on March 26. Market unease is growing due to rising world interest rates, which could lead to increased government spending. This situation puts pressure on Reeves and Labour leader Keir Starmer, as they face potential economic challenges together.