Chancellor Rachel Reeves faces pressure over fiscal rules during Beijing visit

Chancellor Rachel Reeves stated that her fiscal rules are "non-negotiable" during a visit to a bicycle shop in Beijing. This phrase has raised concerns, as it echoes past political mistakes where leaders became trapped by their own commitments. Reeves has promised only one Budget a year, but the Office for Budget Responsibility will issue two forecasts. If the March forecast indicates a breach of fiscal rules, she will need to deliver an emergency Budget, contradicting her earlier pledge. Market unease is growing due to rising interest rates, which may lead to increased government spending. If forced to act, Reeves could face significant political fallout, as her decisions will directly impact both her and Labour leader Keir Starmer's reputations.