Rachel Reeves, the chancellor, is in trouble. She has not allowed herself a big enough margin for error in case her painful October Budget, intended to restore the public finances, fails to do the trick.
She should ignore the opportunistic calls from the Conservatives to return from her China trip to deal with rising long-term interest rates. A hurried return would undermine market confidence further, rather than provide reassurance, and her engagement with the Chinese authorities is a pragmatic policy in the national interest.
