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The Latest Breaking News from Rachel Reeves

UK borrowing costs have hit their highest level since the banking crisis. An economist explains what’s happening

UK borrowing costs have risen rapidly to their highest level since the banking crisis of 2007-08, with implications for the government’s tax and spending plans. Yields on gilts, as UK government bonds are called, have been rising – and these yields are effectively the level of interest that the government…

The Conversation

Cabinet minister defends Rachel Reeves trip to China during economic crisis

The value of the pound fell to its lowest level in over a year while UK borrowing costs jumped to their highest since the financial crisis

The Independent UK

Pound slumps to new 14-month low as Rachel Reeves criticised for China trip as tax rise fears grow

Sir John Gieve, former Deputy Governor at the Bank of England, said the Chancellor may have to hike taxes or impose some ‘very severe reductions and squeezes’ on public services

Evening Standard

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UK debt market sell-off threatens to push up mortgage costs

Almost 700,000 homeowners face increase when fixed-rate deals end this year

The Guardian - UK

We don’t need to worry about rise in borrowing costs, minister insists

A Cabinet minister has insisted there is no need to be worried about rising Government borrowing costs after yields on UK bonds surged to their highest level since the 2008 financial crisis.

Evening Standard

Minister defends Rachel Reeves’ China trip amid market turmoil – as it happened

Lisa Nandy says chancellor’s visit to China is ‘right and proper’, despite continued bond market sell-off

The Guardian - UK

Pound and UK bonds fall after strong US jobs report; UK gas storage levels are ‘concerningly low’ – as it happened

Plunging temperatures and high demand for gas fired power stations have reduced UK winter gas storage levels, reports Centrica

The Guardian - UK

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Friday briefing: Why spiralling borrowing costs spell trouble for Rachel Reeves

In today’s newsletter: Economic uncertainty at home and abroad is causing problems for the Labour agenda – could this risk becoming the chancellor’s mini-budget moment?

The Guardian - UK

What the papers say – January 10

Here are the biggest stories leading Friday’s front pages.

Evening Standard

Rachel Reeves heads to China as pressure mounts as market turmoil derails government’s economic strategy

The Chancellor has been criticised for continuing with a planned visit to China amid rising yields on government bonds

Evening Standard

Reeves faces pressure to balance the books as borrowing costs rise

The Chancellor has been criticised for continuing with a planned visit to China amid rising yields on government bonds.

The Independent UK

Liz Truss lays into Rachel Reeves over economy and trip to China

Chancellor faces Tory calls to scrap planned visit to Beijing

The Independent UK

Reeves mulls deeper cuts to public services as borrowing costs soar

Chancellor could slash departmental spending in spring after ruling out tax increase, officials reveal

The Guardian - UK

Cuts, tax rises and doing nothing: Rachel Reeves’ options to tackle economic woe

Labour’s fiscal rules may limit the chancellor’s ability to act, but waiting it out may be the best option

The Guardian - UK

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The Guardian - UK

Muskmania couldn’t save Steve Reed from the farmers, or himself

The environment secretary tried in vain to explain to protesters that they weren’t angry about tax, but Tory neglect

The Guardian - UK

Rachel Reeves must handle bond sell-off with care, but this is not a Truss-level event

Unlike 2022, bond markets have not been shocked, but the chancellor will know threat of a doom loop is not far away

Evening Standard

Government says ‘no need for emergency intervention’ in financial markets

Uncertainty over fiscal stability and wider global pressures caused sterling to weaken on Thursday.

The Independent UK

Warning food prices could soar by 20% as pressure mounts on Reeves over flailing economy

Exclusive: Fears of a massive rise in the cost of imports have fuelled calls for Rachel Reeves to cancel her China trip with warnings that the UK is on the cusp of a financial crisis and recession

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news in one place.

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The Independent UK

The pound has fallen. Should we be worried about the gilt woes?

US treasury yields have been moving firmly higher after reports of resilience in the US economy

Evening Standard

What is behind the gilt woes and should we be worried?

The pound has fallen to its lowest level for more than a year amid a sell-off in the gilt market.

Evening Standard

Rachel Reeves urged to scrap China trip as Pound falls to year low and borrowing costs soar

But Treasury minister Darren Jones defended the Chancellor’s foreign trip

The Guardian - UK

Treasury minister moves to reassure markets after UK borrowing costs soar

Treasury chief secretary responds to urgent question in Commons as market turmoil hits pound

Evening Standard

Mortgages 'to rise' after Pound hits year low and borrowing costs soar in treble blow to Rachel Reeves

The Chancellor may have to scale back public spending or raise taxes again, economists are warning

Evening Standard

Rachel Reeves faces claims of ‘fleeing to China’ amid concerns over UK borrowing

The Chancellor has a long-planned trip to China scheduled for this week and Treasury minister Darren Jones described it as ‘important’ to UK trade.

Evening Standard

Markets ‘orderly’ despite soaring borrowing costs, says Treasury minister

It came as the pound slid to its lowest level since November 2023.

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