UK faces economic challenges as pound falls and strike threats rise

The UK is facing economic challenges reminiscent of the 1970s, with rising debt, a falling pound, and potential strikes. Chancellor Rachel Reeves is under pressure to cancel her trip to China as borrowing costs soar, raising concerns about her recent budget decisions. The pound has dropped to its lowest level in 14 months, and government bond yields have reached their highest since 1998. Economists warn that the current situation could lead to a debt crisis similar to the one in 1976, which required an International Monetary Fund bailout. The National Education Union is considering strikes over pay disputes, adding to the unrest. Critics have called for Reeves to address the crisis in Parliament, questioning her absence during this critical time.