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The Latest Breaking News from Rachel Reeves

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.

Evening Standard

Government borrowing costs keep rising as pound sinks to lowest level in over a year

Sterling fell nearly 1 per cent to just under 1.23 US dollars – its lowest level since November 2023.

The Independent UK

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What rising government debt costs mean for your finances

High government borrowing costs come amid fears that inflation is creeping up again, which could lead the Bank of England to keep rates on hold

The Independent UK

Pound under further pressure as government borrowing costs keep rising

Sterling fell nearly 1% to just under 1.23 US dollars – its lowest level since November 2023.

Evening Standard

Pound dips to 14-month low as bond sell-off piles pressure on Rachel Reeves

Sterling extends losses against US dollar before easing to half a cent down after Treasury calms market jitters

The Guardian - UK

Rachel Reeves heads to China to build bridges, but new golden era of relations is impossible

Seeking business partners is sound policy, but even in these darker geopolitical times the UK will still side with the US

The Guardian - UK

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What the papers say – January 9

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

Evening Standard

Keir Starmer warned many family farms ‘won’t survive to see government’s plans to help boost profits’

National Farmers’ Union urged ministers to ‘pause and consult’ Rachel Reeves’ Budget changes

The Independent UK

Economists warn Labour will cut spending as borrowing costs rise

The Chancellor could be forced into further tax hikes or cuts to spending plans to meet UK fiscal rules after a jump in…

The National (Scotland)

Rachel Reeves says she has ‘iron grip’ on finances as borrowing costs surge

Treasury issues rare second statement in two days after sell-off leaves 10-year bonds at highest level since 2008

The Guardian - UK

Reeves may need to cut spending after jump in borrowing costs, say economists

The yield on government bonds jumped to its highest level since 2008 as the pound also tumbled in value.

Evening Standard

The spiralling cost of borrowing spells trouble for Rachel Reeves – but she must hold her nerve

There is no need to panic: the government’s overall fiscal strategy is the right one. Spending cuts would be a mistake, says Jonathan Portes, a professor at King’s College London

The Guardian - UK

Why rising bond yields are rattling Rachel Reeves

Chancellor in danger of breaking fiscal rules after cost of servicing UK 10-year debt rises to highest level since 2008

The Guardian - UK

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Evening Standard

Pound slumps as government borrowing costs highest since 2008

The yield on the benchmark 10-year UK gilt, which reflects the cost of government borrowing, climbed by roughly 12 basis points.

The Guardian - UK

UK 10-year borrowing costs hit highest level since 2008, as Rachel Reeves’s fiscal headroom evaporates – as it happened

Bond sell-off is eating into the chancellor’s wiggle room to hit fiscal targets without spending cuts or more tax rises

Evening Standard

Minister: UK must balance national security concerns over China with trade aims

Catherine West made the remarks as she defended Chancellor Rachel Reeves’ trip to China.

The Guardian - UK

Rise in UK borrowing costs could push Reeves to new public spending cuts

Analysts say costs hitting highest level since 1998 risks wiping out almost all of chancellor’s £10bn buffer

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The Guardian - UK

Mark Carney: the ‘rock star central banker’ weighing up run to be Canada’s PM

Former Bank of England governor in the frame as successor to departing Justin Trudeau

The Independent UK

Princess Beatrice to join Rachel Reeves at 2025 World Economic Forum

Princess expected to speak on panel about private capital tackling climate change

The Independent UK

Government savings from winter fuel payment changes falling fast, analysis claims

The government said the controversial change would raise £1.4bn

The National (Scotland)

Scottish Labour MPs challenged to 'stand up to Keir Starmer' on NIC tax hikes

THE SNP have challenged Scottish Labour MPs to “stand up to Keir Starmer” on the National Insurance tax hike...

The Independent UK

New Budget blow for Starmer as retailers warn of price hikes and job cuts

Retailers will be particularly hard hit by chancellor Rachel Reeves’s planned hike to employers’ national insurance

Evening Standard

Calls for general election ballooned after ‘foreign interference’, MP claims

Yasmin Qureshi said the petition may have collected some of its 3.02 million signatures as a result of ‘misinformation’ and campaigners abroad.

The Independent UK

With the economy is struggling, it’s time to listen to entrepreneurs

BUSINESS: Business leaders are pessimisitic about the impact of the Budget, writes Chris Blackhurst. But there is still much to be positive about as we head into 2025

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