Rachel Reeves urged to scrap China trip as Pound falls to year low and borrowing costs soar
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Rachel Reeves was urged to scrap a trip to China to stay in Britain to tackle the nation’s economic woes. The Chancellor was accused of having “fled to China” rather than explain how she will help the UK’s “flatlining” economy after borrowing costs hit a 27-year high and the Pound fell to a year low against the Dollar, sparking warnings of higher mortgages.
In the Commons, shadow chancellor Mel Stride claimed Britons are having to “pay the price for yet another socialist government taxing and spending their way into trouble”. He added: “Where is the Chancellor? It is a bitter regret that at this difficult time with these serious issues she herself is nowhere to be seen.
“In the last 48 hours borrowing costs have reached a 27-year high and it is the Chancellor’s decisions that have led us here. “Before the election (Ms Reeves) promised that Labour would get debt falling, they would not fiddle the figures, they would not raise taxes and they would grow the economy, but the economy is now flatlining.”.
The Chancellor has had a long-planned visit to China scheduled for this week. But Liberal Democrat leader Sir Ed Davey said Ms Reeves should cancel her trip to China and make an emergency statement to Parliament. He said: “Instead of jetting off to China, the Chancellor should urgently come before the House of Commons to cancel her counterproductive jobs tax and set out a real plan for growth.”.
