5 hours ago New mortgage rate blow to Britons as Labour's economy is hammered again: Rachel Reeves defies jibes she has 'lost the plot' to head for China

The yield on 10-year gilts rose further to 4.85 per cent this morning, while for 30-year the level was up to 5.41 per cent. And the problems gathered pace at lunchtime.

Economics

11 hours ago FTSE 100 Live 10 January: Sainsbury’s update fails to ease retail jitters, sterling steady

Warnings of higher mortgage costs have added to pressure on Chancellor Rachel Reeves after a turbulent week for UK financial markets.

Events

6 hours ago There are no adults in the room: there’s barely a room. This is politics at warp speed, and we know who’s benefiting | Marina Hyde

Fiscal crisis, corruption claims, shenanigans and legal threats. This feels like the week old-style politics sat on a grenade The worst-timed foreign visit by a politician this week was LA mayor Karen Bass deciding to attend the inauguration of the president of Ghana. The second worst might be Rachel Reeves’s decision to push ahead with her China bridge-building trip against a backdrop of market turmoil, soaring UK borrowing costs and the inevitability of rising food prices. But look, maybe have no fear. The chancellor has apparently told all her cabinet colleagues to “cease anti-growth measures” – amazing – and also to come up with specific plans to boost economic activity. I am already picturing her opening the bits of paper from the hat. “Right, I’ve got 20 for ‘build an effing time machine’ and one that just says ‘Pass’. Sorry, Lammy – this isn’t Celebrity Mastermind.”As for auto-satirical lowlights further down the ministerial ladder, do keep your eye on anti-corruption ministe...

Politics

7 hours ago How Rachel Reeves' debt 'nightmare' has chilling echoes of 1976 when Britain was the 'sick man of Europe' with an economy in crisis that forced it to go 'cap in hand' for £2.3bn bailout

Such is the extent of Britain's current economic troubles, Chancellor Rachel Reeves ' plight has been compared to that of her 1970s predecessor Denis Healey.

Economics

12 hours ago Tax rise warning after Pound's fall and borrowing costs soar as Rachel Reeves criticised for China trip

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

Events

9 hours ago UK politics latest: Majority of Labour voters oppose Starmer on grooming gangs inquiry, poll finds

Greater Manchester mayor Andy Burnham has also suggested he favours a ‘limited national inquiry’

Politics

15 hours ago 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

Economics

13 hours ago Rachel Reeves under pressure to balance the books as UK's borrowing hits 2008 levels

The UK's borrowing costs have hit their highest level since the 2008 financial crisis, putting further pressure on Chancellor Rachel Reeves to balance the books

Events

12 hours ago UK politics latest: Reeves criticised for China trip amid fall in pound as Reform MPs cash in on Musk’s X

Chancellor accused of being ‘missing in action’ as she visits Beijing in bid to boost UK’s economic ties

Politics

15 hours ago Rachel Reeves 'to make severe spending cuts' as UK borrowing costs soar

An announcement is expected that could see 5% cuts increased

Economics

13 hours ago 'She's lost the plot': Cabinet alarm over Labour's market chaos with Rachel Reeves warned she is in 'make

Chancellor Rachel Reeves is en route to Beijing despite demands to cancel the trip and deal with mounting pressure on the UK's fiscal position.

Events

12 hours ago 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

Politics

20 hours ago ANDREW NEIL: The economy's reeling from the disastrous Budget. Taxes or cuts are coming... and the big financial players I've talked to now all say it could spell the end of Labour

In the run-up to the General Election , Rachel Reeves boasted repeatedly of her qualifications for being Chancellor, even liberally embellishing her CV to bolster her credentials.

Economics

29 hours ago 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

Events

13 hours ago FTSE 100 Live 10 January: Sainsbury’s shares fall after update, sterling below $1.23

Warnings of higher mortgage costs have added to pressure on Chancellor Rachel Reeves after a turbulent week for UK financial markets.

Politics

21 hours ago Rachel Reeves' £25bn National Insurance raid could force more than HALF of British businesses to raise prices, damning poll reveals

The figures provide the latest evidence of how firms are scrambling to respond to the tax hike and as the boss of Marks & Spencer said it would be a challenge.

Economics

46 hours ago 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

Events

21 hours ago DAILY MAIL COMMENT: Rachel Reeves's China jaunt is dereliction of duty

As he sipped gin and tonic in Heathrow's VIP lounge, Denis Healey was told the pound was collapsing and that he must return at once to the Treasury.

Politics

24 hours ago Shein edges closer to controversial £50bn London listing as China denies human rights abuses

The £50bn listing could be sorted by Easter, sources say, as Chancellor Rachel Reeves heads to China for talks on economic and financial cooperation.

Economics

29 hours ago QUENTIN LETTS: Nothing to see here, people. Alas, the minister's strangulated, panicky timbre

Rachel Reeves declined to answer a mid-morning Commons discussion of the state of the economy. Whitehall aides possibly couldn't prise her fingers off the banister at the Treasury.

Politics

29 hours ago Brits 'paying price for Labour's bungled Budget': Reeves warned money from tax hikes will have to go on servicing debt after markets turn on UK

Sterling tumbled to its lowest level against the US dollar for over a year this morning as investors continued to push up risk premium on UK gilts - the way the state finances its activities.

Economics

31 hours ago Bond market turmoil eases as Treasury minister says ‘no need’ for government intervention – business live

Lib Dems say chancellor should stay and make emergency fiscal statement and also cancel planned national insurance hikeReeves’ fiscal rules non-negotiable in face of bond sell-off, deputy tells MPsLiz Truss sends legal letter ordering Starmer to stop saying she crashed economyRachel Reeves says she has ‘iron grip’ on finances as borrowing costs surgeThe drop in the pound may make it trickier for the Bank of England to lower interest rates as soon as hoped in 2025.Two two quarter-point cuts to Bank Rate are priced in for this year, bringing rates down from 4.75% to 4.25% by December, but the odds on a cut as soon as February have dipped slightly this week.“With sterling weakening, that meant growing questions were asked about whether the Bank of England could cut rates as fast as expected.“Indeed, investors dialled back their expectations for rate cuts this year by four and a half basis points compared to the previous day, so they now only see 48.5 basis points by the December meetin...

Politics

33 hours ago 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

Economics

32 hours ago Reeves facing calls to cancel controversial China trip as pound tumbles

Labour chancellor under pressure as government borrowing costs surge, piling pressure on her spending plans

Politics

33 hours ago Rachel Reeves faces calls to CANCEL China trip to deal with market chaos as Pound is hammered and UK borrowing costs rise again on fears of 'Stagflation'

The Tories and Lib Dems insisted the Chancellor should drop plans to head for Beijing this weekend amid mounting alarm at the situation.

Economics

33 hours ago 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

Politics

36 hours ago Rachel Reeves scrambles to calm markets as Pound falls and borrowing costs rise again

Sterling tumbled to its lowest level against the US dollar for over a year this morning as investors heaped more risk premium on UK gilts - the way the state finances its activities.

Economics

33 hours ago 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.

Politics

37 hours ago Chancellor Rachel Reeves may need to cut spending after jump in borrowing costs

The cost of borrowing for the UK government surged to its highest level for almost 17 years on Wednesday amid a sell-off in the bond market and concerns over the threat of stagflation

Economics

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

Seeking business partners post-Brexit is sound policy, but even in these darker geopolitical times the UK will ultimately side with the USRachel Reeves will fly with a delegation of City grandees to China this week as Labour seeks closer economic links with Beijing as part of its quest for growth.With the outlook increasingly rocky at home after a run of soft economic data, the chancellor is sorely in need of a positive story to tell. Continue reading...

Politics

44 hours ago DAILY MAIL COMMENT: Rachel Reeves is pushing the UK economy to the brink

Before and after the election, Rachel Reeves never missed an opportunity to boast Labour would deliver economic change.

Politics

45 hours ago EPHRAIM HARDCASTLE: Do Rachel Reeves and King Charles have different ideas for Buckingham Palace?

With opinion polls confirming that a majority oppose spending £369 million refurbishing Buckingham Palace, many of Chancellor Rachel Reeves' boffins have been nodding in agreement. 

Politics