Chancellor Rachel Reeves faces mounting pressure from MPs amid a severe market downturn, with the Pound plummeting and government borrowing costs soaring. Critics blame her controversial Budget tax hikes for fueling inflation and stifling growth, leading to potential job losses. While markets saw some relief thanks to positive Middle East news, Labour grapples with internal dissent and a shrinking lead in polls.
The Chancellor will make a statement in the Commons following her controversial trip to China over the weekend.
Ministers were offered some relief this morning as better news from the Middle East helped calm markets, with gilts stabilising and the Pound clawing back a little ground on the dollar. The Pound sliding against the US dollar and interest on government borrowing spiking. Pictured, the interest rates on 10-year gilts
Downing Street scrambled to quash that furore later by confirming she will be in post until 2029 - a commitment previously given to Foreign Secretary David Lammy. The PM refused to rule out a package of emergency spending cuts in March to balance the books. No10 confirmed that the Treasury was also considering the case for further welfare reforms to save money.'That is a very important thing that we've said throughout.'
ECONOMY UK MARKETS LABOUR PARTY BUDGET TAXES INFLATION
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