Chancellor Rachel Reeves reaffirms commitment to October Budget during Beijing visit

Chancellor Rachel Reeves reaffirmed her commitment to the October Budget during her visit to Beijing, stating that the fiscal rules are "non-negotiable." She emphasized that economic stability is essential for growth and prosperity. Reeves is in China to strengthen trade ties and will participate in discussions with Chinese officials, addressing issues like market access and human rights. She noted the importance of engaging with China, the UK's fourth-largest trading partner. Concerns over rising government borrowing costs and the pound's decline against the dollar have emerged. The Chancellor is prepared to consider spending cuts to maintain fiscal balance, while the UK government acknowledges the need to challenge China on various issues.