Don't worry over escalating Government borrowing costs, minister insists
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A Cabinet minister has reassured the public that there's no need to worry over escalating Government borrowing costs, following a surge in UK bond yields to their highest level since the 2008 financial crisis. Culture Secretary Lisa Nandy, speaking to broadcasters on Friday morning, sought to calm Britons amid market turbulence, stating that the Labour administration’s tax and spend rules are "non-negotiable".
It's been suggested that Chancellor Rachel Reeves is ready to enforce stricter spending cuts on departments if required to balance the books, having already dismissed the idea of increasing either borrowing or taxes. When questioned about whether people should be anxious about the movement, Ms Nandy told Sky News: "I don’t think we should be worried. It’s obviously something we take very seriously, but these are global trends that have affected many countries, most notably the United States, as well as the UK.".
She continued: "We are still on track to be the fastest growing economy, according to the OECD in Europe. We’re not going to borrow for day-to-day spending.". The Culture Secretary defended Ms Reeves’ trip to China this week as "absolutely" the right decision despite opposition calls for the Chancellor to cancel the planned visit amid market turmoil.
