UK Chancellor Rachel Reeves faces pressure to raise taxes or cut spending due to rising borrowing costs

Rachel Reeves, the UK Chancellor, faces pressure to raise taxes or cut spending due to rising borrowing costs. Economists warn that her options are limited unless costs decrease soon. During her visit to China, Reeves was criticized by colleagues for leaving the UK amid economic turmoil. Some called her trip pointless, arguing she should focus on domestic issues. Gilt yields, which affect mortgage rates, have increased slightly. Analysts predict only one interest rate cut from the Bank of England this year, leading to higher mortgage costs for borrowers.