Kwarteng criticizes Reeves for China trip during UK market turmoil

Kwasi Kwarteng criticized Labour's Rachel Reeves for traveling to China during economic turmoil, likening it to his own brief tenure as chancellor. He claimed financial markets are facing a "nightmare" under her leadership, with rising borrowing costs raising concerns about meeting fiscal targets. Reeves is under pressure as her trip coincides with fears of needing tax increases or deeper spending cuts. She announced deals worth £600 million for the UK economy but faced criticism for not addressing market instability while abroad. Kwarteng noted that Labour's situation is worse than the Conservatives' under Liz Truss. He emphasized that markets lack confidence in Labour's plans, suggesting that the party is in a precarious position.