Chancellor Rachel Reeves visits China as UK bond yields hit highest level since 2008

Chancellor Rachel Reeves is facing criticism for her upcoming trip to China as UK government bond yields rise to their highest levels since 2008. This increase in borrowing costs adds pressure on her to manage the country’s finances. Reeves has ruled out raising taxes or increasing borrowing, indicating that further spending cuts may be necessary. Government departments are already required to find 5% efficiency savings in their budgets ahead of a fiscal statement on March 26. The Conservatives have criticized Reeves for her absence during this financial turmoil, claiming she is neglecting her responsibilities. Treasury Chief Secretary Darren Jones defended the trip, stating it is important for UK trade and that the bond market is stable.