Chancellor Rachel Reeves defends her recent trip to China during a time of economic uncertainty, while facing criticism from the Conservatives for her absence during market volatility.
Chancellor Rachel Reeves has faced criticism for her trip to Beijing during a period of market instability, with some accusing her of avoiding difficult questions. Shadow chancellor Mel Stride condemned Reeves' absence while the government grappled with economic challenges, stating that she 'jetted off to Beijing' instead of confronting her 'own failures.
' Reeves' trip to China, which included the governor of the Bank of England and representatives from major financial institutions, coincided with rising government borrowing costs and a decline in the pound's value. On Monday, both 10-year and 30-year government borrowing costs surged, with the 30-year gilt yield reaching a 25-year high of 5.47%. The pound also dropped to a 14-month low against the US dollar, fueling concerns about the chancellor's leadership.Despite a slight recovery in the pound on Tuesday morning, the Conservatives continued their attacks on Reeves. Stride challenged her decision to send the chief secretary instead of addressing the Commons directly, accusing her of 'ducking the difficult questions.' Reeves, however, defended her trip, emphasizing the importance of engaging with global partners to stimulate economic growth. She highlighted new agreements reached on various sectors, including vaccine approvals, fertiliser, whisky labelling, legal services, automotives, and accountancy, which she claimed would unlock £1 billion in value for the UK economy. Reeves also stated that she raised concerns about imprisoned British citizen Jimmy Lai, Russia's war in Ukraine, human rights issues, restrictions in Hong Kong, and sanctions against British parliamentarians during her meetings with Chinese officials
Rachel Reeves China Trip Market Turmoil UK Economy Shadow Chancellor
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