The Liberal Democrats have urged Chancellor Rachel Reeves to hold an emergency meeting with banks to reassure mortgage holders as the shakey economy continues to bite.
The party’s Treasury spokesperson, Daisy Cooper MP, said the October budget “has not worked” and “many will be worried”.
“Rachel Reeves can no longer sit on her hands as this turmoil threatens to have real consequences for millions of homeowners,” she added.
Ms Reeves is under intense pressure after Sir Keir Starmer refused to guarantee her long-term future as Chancellor. The value of the pound has been flailing and Government borrowing costs remained high over the past week.
The PM said the Chancellor had his “full confidence” and was doing a “fantastic job” but declined to say she would remain in No 11 for the duration of the parliament.
Sir Keir acknowledged it will take time to turn the economy around as Ms Reeves faces the prospect of rising borrowing costs forcing her to slash spending or hike taxes to balance the books.
However, veteran Labour MP Dianne Abbott warned that “austerity mark 2” is on its way as Ms Reeves may be forced to either reduce spending or raise taxes to comply with fiscal riles.
Key Points
- How Labour's plan will make UK a 'world leader' in AI
- Starmer confident his government will stick to fiscal riules
- McFadden insists he has full confidence in under-pressure minister Tulip Siddiq
- Starmer says Reeves doing ‘fantastic’ job - but avoids saying if she will be in post at next election
- Pound under further pressure after difficult week
AI will not compromise patient NHS data, Starmer insists
16:20 , Jabed AhmedIt is important the UK keeps control of NHS data in order to protect patients, the Prime Minister said, as he insisted it was also important companies can make use of it.
Asked about how companies and researchers may use a proposed national data library which includes anonymised health data, Sir Keir Starmer told reporters: “It is important that we keep control of that data, I completely accept that challenge, and we will do so.
“But I don’t think that we should have a defensive stance here that will inhibit the sort of breakthroughs that we need.”
Pressed about the health data, he added: “When it comes to health data, particularly NHS data, it is really important we stay in control of this, and we will stay in control of it, because we need on the one hand – all anonymised of course – to use the potential of that data, but on the other hand, they should be protected and the way to protect it… is to keep control of it.”
Labour MP breaks ranks to call for national inquiry into grooming gangs days after Keir Starmer controversially skips vote
16:17 , Kate DevlinSarah Champion, the MP for Rotherham, has defied her party leader to call for a vote on grooming gangs.
Keir Starmer ordered Labour MPs to vote against a national probe last week.
But it then emerged that the prime minister and many of his senior ministers had failed to vote.
Now Ms Champion has called for an inquiry saying: “It is clear that nothing less than a national inquiry into the failings of those in authority to both prevent, and be accountable for their failings, in relation to grooming gangs will restore the faith in our safeguarding systems.”
Starmer: AI means more job opportunities
15:49 , Jabed AhmedAdopting AI technology will not just “lead to lots of job losses”, Sir Keir Starmer insisted.
Asked about the technology’s impact on unemployment, the Prime Minister told BBC Radio 2’s Jeremy Vine show: “We will continue to bring unemployment down. We want people in work.
“This will change the work that people do, but it won’t just lead to lots of job losses.
“On the contrary today, because of the investment in AI we’ve announced – £14 billion of investment – that’s 12,000 jobs, a thousand of them announced today to be in the Liverpool area. These are brand new jobs.
“So again, getting to the front of the queue on AI means that we get those job opportunities.”
Full report | Starmer says Reeves doing ‘fantastic’ job - but avoids saying if she will be in post at next election
15:21 , Jabed Ahmed
Starmer says Reeves doing ‘fantastic’ job but avoids saying if she will stay in post
Comment | UK Plc wants rid of Rachel Reeves – and for good reason
14:49 , Jabed AhmedThe chancellor has fallen foul of British business, writes Chris Blackhurst – and it’s put a stain on Starmer
Reeves ‘hanging on by her fingernails’, Badenoch says
14:30 , Jabed AhmedConservative leader Kemi Badenoch said Rachel Reeves was “hanging on by her fingernails”.
She said: “The Prime Minister just refused to back his Chancellor staying in her job.
“Keir Starmer and Rachel Reeves have driven Britain’s economy into the ground.
“The markets are in turmoil and business confidence has crashed, yet the Chancellor is nowhere to be seen.”
Full report | Starmer running out of time to land Chagos Islands deal before Trump takes power
14:01 , Jabed AhmedOur Political Editor David Maddox reports:
Starmer running out of time to land Chagos Islands deal before Trump takes power
Pictured: Starmer speaks with scientists at UCL
13:32 , Jabed Ahmed
Roundup | AI Action Plan: The key points in the UK’s plan to be a ‘world leader’ in field
13:14 , Jabed AhmedExpanding the UK’s national AI infrastructure and supporting “homegrown” AI will be at the centre of the Government’s plans to embrace the new technology.
In its response to the landmark AI opportunities action plan written by tech entrepreneur Matt Clifford, the Government said it would look to build “sufficient, secure and sustainable AI infrastructure” to ensure the UK remained a global leader in the technology.
The Government has accepted all 50 recommendations made by the plan, which include a number of key commitments.
The central pillar of the plan sees the Government commit to building new AI infrastructure and expanding the UK’s “sovereign” compute capacity by at least 20-fold by 2030 to keep pace with global development.
The Government said this would be done by delivering a new state-of-the-art supercomputing facility to double the country’s existing AI research resource, with the Department for Science, Innovation and Technology (DSIT) to lock in a site and other key details this year.
This will be combined with plans for so-called AI Growth Zones, designated areas where the Government would partner with the private sector to deliver large amounts of computing power to support “key national priorities” and create jobs in those areas.
In addition, the implementation of the action plan will see the creation of a National Data Library – a bank of securely held and managed public sector data, which could be used to support AI research and innovation.
The Government said these schemes will then be used to help the UK “secure a stake” in the global leadership of AI by supporting UK-based AI leaders and firms by giving them access to the new infrastructure and resources.
The Government said it was also committing to the plan’s recommendation of supporting top AI talent relocating to the UK to work with UK-based AI firms.
Comment | Chris Stokel-Walker: AI could fix our potholes – but also do Britain untold damage
12:49 , Jabed Ahmed
AI could fix our potholes – but also do Britain untold damage
Full report: Angela Rayner warned of ‘ugly rush’ to sack staff ahead of new workers’ rights plan
12:31 , Jabed AhmedThe Independent’s Whitehall Editor Kate Devlin reports:
Angela Rayner warned of ‘ugly rush’ to sack staff ahead of new workers’ rights plan
Starmer defends Treasury’s ‘ruthless’ approach to economy
12:18 , Jabed AhmedThe Chancellor is “absolutely right” to take a ruthless approach to public spending, Sir Keir Starmer said.
Asked about reports the Treasury asked other Government departments to be “ruthless” in making spending cuts, the Prime Minister told reporters: “Yes, we will be ruthless, as we have been ruthless in the decisions that we’ve taken so far.
“We have got clear fiscal rules, and we are going to keep to those fiscal rules, and that’s why the Chancellor was absolutely right in the words that she chose to describe the approach that we will take.”
Asked again if he had confidence in the Chancellor, and whether she would remain in post until the next election, Sir Keir said: “Rachel Reeves is doing a fantastic job. She has my full confidence. She has the full confidence of the entire party.”
Starmer confident his government will stick to fiscal riules
12:15 , Jabed AhmedSir Keir Starmer remained resolute his Government would stick to its fiscal rules, amid a shaky economic situation which could affect public spending.
Asked about the economic situation, the Prime Minister told reporters growth is “our number one priority”.
He added: “We’ve said that throughout, and all of the other work we’re doing ladders up to this.
“So whether it’s the work on AI, whether it’s the work I was announcing last week on the NHS, all of that ladders up to growth.
“We do have in place fiscal rules, which we will absolutely stick to, because they are necessary to provide the stability that we want.”
Reform of public services is the “lever that hasn’t been pulled enough”, Sir Keir added, insisting this needed to be pulled “hard and quickly” by his Government.
Starmer says he is open to working with Elon Musk on AI
12:14 , Jabed AhmedKeir Starmer indicates he would be happy to work with Elon Musk on AI despite social media row
Asked whether he is concerned by the deteriorating relationship with Elon Musk, Sir Keir said: “We will work with anybody in this sector, whether it’s Elon Musk or anybody else.”
PM dodges question over whether Rachel Reeves will be chancellor at next election
12:07 , Jabed AhmedSir Keir Starmer has dodged a question on whether Rachel Reeves will still be Chancellor at the next election.
Asked whether Rachel Reeves will be chancellor at the next election, Sir Keir said the government is “determined to bring about economic stability” but failed to provide an answer on whether or not Ms Reeves will still be in post the next time the UK goes to the ballots at a general election.
The pound has remained under pressure amid an intensifying sell-off in government bonds as Chancellor Rachel Reeves faces mounting questions over her fiscal rules.
The Chancellor returned from her trip to China as concerns swirled that the Government is in danger of failing to meet its own fiscal rules and will need to take action to remain on track.
Ms Reeves insisted over the weekend that her fiscal rules are “non-negotiable”.
PM suggests AI could help revive Britain’s fortunes
12:05 , Jabed AhmedSir Keir Starmer said artificial intelligence could help “turn around the economy”.
The Prime Minister highlighted the “real mess” inherited from the Conservatives, but said the Government is also facing increased pressure from rising borrowing costs.
Sir Keir suggested that embracing AI could help revive the nation’s fortunes.
The Prime Minister said: “I would argue that we would do it in any event, whatever the state of the economy and public services, because it’s obviously the right direction to go in, but it’s doubly necessary because of the mess we’ve inherited from the last government.
“So we will use it to turn around the economy, and use it to turn around our public services.”
PM hits back at fears of AI dangers
11:59 , Jabed AhmedSir Keir has pushed back against concerns over the dangers of AI, saying fear could cause Britain to “miss a massive opportunity”.
He said the UK will “go our own way” when it comes to regulation, promising to “test and understand AI before we regulate it”.
This, he said, will ensure that regulation is “proportionate and grounded in the science”, whilst also offering the “political stability that business needs”.
“The blunt truth is, we've got to be much bolder”, Sir Keir added.
“New technology can provoke a reaction, a sort of fear, an inhibition, a caution. And because of the fears of a small risk, too often you miss a massive opportunity.
“So we've got to challenge that mindset, because actually the far bigger risk is that, if we don't go through with it, we're left behind by those who do.”
PM vows to remove regulatory ‘blockages’ for tech comanies
11:58 , Jabed AhmedIn a pitch to AI companies, Sir Keir Starmer promised to “remove the blockages that hold you back”.
The Prime Minister added: “This is a Government that backs the builders. So if you’re looking at where to build your data centres, we will speed up planning permission if you need better access to power.”
Sir Keir also promised to speed up grid connections for AI companies and other steps to nurture their base in the UK, as he pointed to plans to create AI-focused growth zones.
The Prime Minister also promised further AI regulation, but said the Government would “test and understand” the technology beforehand to ensure that any future rules are “proportionate and grounded in the science”.
Sir Keir commends the Tories for setting up the AI Safety Institute
11:58 , Jabed AhmedAI will help to make public services “more human”, Sir Keir Starmer said.
In a speech setting out the Government’s plans to improve the UK’s use of artificial intelligence, the Prime Minister said: “That’s the irony of AI, it will make public services more human, reconnect staff with the reasons that they came to public service in the first place, a force that will turbocharge every single element of our Plan for Change, the defining opportunity of our generation.”
Sir Keir commended the Tories for setting up the AI Safety Institute, and urged the public to be “in absolutely no doubt we will make sure that this technology is safe”.
He said the UK needed to decide if it would be an “AI maker or AI taker”, adding: “The investors, the entrepreneurs, the researchers who will make those breakthroughs, they’re looking around the world, they’re choosing where to make their home, trillions of pounds worth of investment at stake, a battle for the jobs of tomorrow is happening today.”
He continued: “Mark my words, Britain will be one of the great AI superpowers.”
Labour will put ‘full weight of the state’ behind AI mission
11:53 , Jabed AhmedSir Keir Starmer has promised to put “the full weight of the state” behind the mission to turn the UK into a leading force in artificial intelligence.
AI will become the “centrepiece of our industrial strategy”, the PM promised
“I'm determined the UK becomes the best place to start and scale an AI business. That will be the centrepiece of our industrial strategy.”
“There's never been a better moment for entrepreneurs with big ideas to grow a small company fast”, he added.
There will be ‘teething problems’ with AI, Starmer admits
11:50 , Jabed AhmedSir Keir Starmer said there would be “teething problems” with the use of artificial intelligence (AI) but the technology had the potential to revolutionise public services and turbocharge the economy.
In a speech in London, the Prime Minister said: “AI isn’t something locked away behind the walls of blue chip companies; it’s a force for change that will transform the lives of working people for the better.
Sir Keir added: “Yes, there will be teething problems. Of course there will.
“But we can’t lose sight of the vast potential here.”
Britain will be an AI superpower, PM vows
11:48 , Millie CookeSir Keir Starmer has pledged to make Britain an AI superpower, warning that the “battle for the jobs of tomorrow is happening today”.
We are in the “global race of our lives” for leadership on artificial intelligence, the PM told an audience in London.
“Some countries are going to make AI breakthroughs and export them. Others will end up buying those breakthroughs and importing them”, Sir Keir said.
“The question is, which of those will Britain be - AI maker or AI taker?”
He added: “Mark my words, Britain will be one of the great AI superpowers”
Sir Keir Starmer says AI will transform lives of working people
11:44 , Millie CookeThe prime minister has said AI will “transform the lives of working people”, heralding the revolutionary impact of the rapidly expanding technology.
“AI isn’t something of the future… It’s already here in Britain changing lives - a chance to turbocharge growth, create the companies of the future and radically improve our public services”, Sir Keir said at a speech in London.
“AI can help teachers plan lessons tailored to your children's specific needs. If you're worried about waiting times, aren't we all, AI could save hundreds of thousands of hours lost to misappointment because it can identify those on the list most likely not to turn up and help get them support and maybe change it for a more convenient appointment.
“It can spot potholes, speed up planning applications, reduce job center form filling , help in the fight against tax avoidance and almost half the time that social workers spend on paperwork.”
Watch live: Keir Starmer outlines £14bn AI plans to boost Britain’s growth
11:42 , Jabed Ahmed
Watch live: Keir Starmer outlines £14bn AI plans to boost Britain’s growth
AI can save lives, PM says
11:41 , Jabed AhmedSir Keir Starmer has taken to the stage to deliver his speech on Artificial Intelligence.
He started by telling a story about doctors using AI to help treat someone who had suffered a stroke.
“With strokes it is always a race against the clock... with AI the whole procedure took less than three minutes,” Sir Keir said.
Science Secretary says ‘government is determined that the UK is not left behind in the global race for AI’
11:40 , Jabed AhmedScience, Innovation, and Technology Secretary, Peter Kyle said: "AI has the potential to change all of our lives but for too long, we have been curious and often cautious bystanders to the change unfolding around us. With this plan, we become agents of that change.
"We already have remarkable strengths we can tap into when it comes to AI – building our status as the cradle of computer science and intelligent machines and establishing ourselves as the third largest AI market in the world.
"This government is determined that the UK is not left behind in the global race for AI, that’s why the actions we commit to will ensure that the benefits are spread throughout the UK so all citizens will reap the rewards of the bet we make today. This is how we’re putting our Plan for Change in motion."
Starmer set to give speech on AI shortly
11:16 , Jabed AhmedSir Keir Starmer will unveil his Government’s AI Opportunity Action Plan shortly during a speech in London.
The prime minister is set to announce he will throw the weight of Whitehall fully behind AI in a bid to boost growth.
Monday’s plan will take forward all 50 recommendations made by tech entrepreneur Matt Clifford, who was commissioned by Science Secretary Peter Kyle in July to come up with a plan to identify AI opportunities.
It will see the Government create a series of AI “growth zones”, starting in Culham, Oxfordshire, where it will accelerate planning approvals for data centres and improve access to the energy grid.
The Government has also pledged to increase the UK’s compute capacity 20-fold by 2030, including by building a new supercomputer.
Breaking: Nicola Sturgeon ends marriage to former SNP chief executive Peter Murrell
11:11 , Jabed AhmedUK and Mauritius say ‘good progress’ made in Chagos Islands talks
11:08 , Jabed AhmedThe UK and Mauritius said they have made “good progress” in talks to save the Chagos Islands deal.
Sir Keir Starmer’s Government is considering frontloading payments to Mauritius to sweeten the deal, which involves giving up sovereignty over the British Indian Ocean Territory and leasing back a strategically important UK-US military base.
Mauritian Prime Minister Navin Ramgoolam said the UK wants to get the deal finalised before Mr Trump’s inauguration on 20 January.
In a joint statement on Monday, the UK and Mauritian Governments said they remain committed to a deal following talks in London.
“Good progress has been made and discussions are ongoing to reach an agreement that is in both sides’ interests,” the statement said.
“Both countries reiterated their commitment to concluding a treaty providing that Mauritius is sovereign over the Chagos Archipelago; and that would ensure the long-term, secure and effective operation of the base on Diego Garcia.”
AI is a ‘unique chance’ to boost growth and raise living standards. Starmer says
11:05 , Jabed AhmedThe AI race is “speeding up and we must continue to move fast”, Sir Keir Starmer has said in the Government’s response to the AI opportunities action plan.
Ministers have accepted all recommendations of the plan written by tech entrepreneur Matt Clifford, aimed at improving the UK’s use of artificial intelligence technology.
In a foreword to the Government’s response to the action plan, the Prime Minister also said: “Harnessing AI and using it to deliver our plan for change requires ambition, purpose and focus.
“This is a unique chance to boost growth, raise living standards, transform public services, create the companies of the future in Britain and deliver our plan for change.”
Among the recommendations the Government has accepted is a commitment to set out within six months plans to improve the UK’s AI infrastructure.
Ministers will aim to expand the UK’s “sovereign”, publicly owned AI capacity twentyfold by 2030, and plan to deliver “a new state of the art supercomputing facility” for research purposes.
Former Gordon Brown spokesman to drive UK’s post-Brexit efforts to reset EU relations
10:46 , Jabed AhmedA former aide to Gordon Brown has been appointed to help steer Sir Keir Starmer’s efforts to “reset” relations with the European Union.
Michael Ellam, who was Mr Brown’s official spokesman in No 10, has returned to Whitehall in a newly created role responsible for the European Union and international economic affairs in the Cabinet Office.
Nick Thomas-Symonds, the Cabinet Office minister responsible for the reset with Brussels, said Mr Ellam would be a “huge asset”.
Mr Ellam will lead official-level discussions for the UK with the EU and international groupings such the G7 and G20.
He will manage the EU relations secretariat in the Cabinet Office, the unit set up to deliver closer relations with Brussels.
Mr Ellam has returned to the Civil Service after leaving in 2013 to join HSBC, where he became chairman of public sector banking.
The PM wants closer economic and security ties with Europe as part of his effort to repair relations with the bloc following Brexit.
Flyer for Labour minister in corruption probe ‘found in palace of deposed Bangladesh leader’
10:34 , Jabed AhmedOur Political Correspondent Millie Cooke reports:
Flyer for Labour MP in corruption probe ‘found in deposed Bangladesh leader’s palace’
Cabinet minister acknowledges risk of AI as government outlines tech plans
10:16 , Jabed AhmedThe UK cannot “press a pause button” on artificial intelligence (AI), Pat McFadden has warned.
Speaking to LBC radio, the Cabinet Office minister acknowledged there were risks with the adoption of the new technology, as the Government sets out its AI plan.
He added: “There are going to be mistakes made, there are going to be things that go wrong, but we must not allow all of that to encourage us to press a pause button on one of the most exciting technological innovations to happen for many years.
“Of course, you’ve got to build safety into it, you’ve got to be aware of the risks.
“But the point of the action plan being published by the Government today is to make sure that the United Kingdom is a welcome home for the investment so it doesn’t just go elsewhere, and that we are relentlessly curious and enthusiastic about the applications to increase productivity in both the public and the private sectors. That is the prize that awaits us.”
Mr McFadden compared AI to the advent of electricity in people’s homes, adding: “There was scepticism sometimes because people said ‘what would we use it for?’
“Imagine that question today when you look around your own home, and that is the way that we’ve got to think about this.”
Written ministerial statements to the House of Commons today:
10:01 , Jabed Ahmed- Secretary of State for Business and Trade: Putting fans first: consultation on the resale of live events tickets and call for evidence on pricing practices.
- Chancellor of the Exchequer: 2025 UK-China economic and financial dialogue.
- Secretary of State for Environment, Food and Rural Affairs: Cambridge Waste Water Treatment Plant Relocation DCO Extension.
- Secretary of State for Science, Innovation and Technology: Publication of the AI Opportunities Action Plan and the Government Response.
Business leader believes companies will let employees go due to Employment Rights Bill
09:46 , Jabed AhmedSpeaking about the impact of the Employment Rights Bill on businesses, CBI chairman Rupert Soames said: “I think not only will they not employ, I think they will let people go.
“I think there could be quite an ugly rush before some of these things come into force.
“Nobody wants this, but the things like the probation periods in the Employment Rights Bill, we don’t want that to become an adventure playground for employment rights lawyers.”
Full report | Treasury using AI to reply to taxpayers’ emails as Starmer vows to ‘mainline technology into veins’ of UK
09:31 , Jabed AhmedMy colleague Andy Gregory reports:
CBI chairman says Reeves has ‘bruised’ business confidence
09:13 , Jabed AhmedThe Chancellor has “bruised” the confidence and trust of business by expecting it to fill the hole in Government finances, the chairman of the Confederation of British Industry (CBI) has said.
Rupert Soames said business leaders were less likely to employ in the current climate.
He told BBC Radio 4’s Today programme: “The Chancellor told us at the time of the budget that there was an unexpected hole of about £22 billion pounds in the Government finances, and business was going to have to fill it.
“In filling in one hole, it’s created another, and that hole is a hole in the confidence and trust that business has in the Government.
“I think sometimes it’s not understood, the extent of the impact, particularly on companies that employ lots of people.
“We think the national insurance increases are going to feed through into inflation, we’re going to have a lower growth rate, but also, because of things like the Employment Rights Bill coming along, you’re going to find people laying people off and less likely to employ.”
Tories say Starmer must show leadership over Sadiq
09:11 , Jabed AhmedThe Prime Minister must show leadership following the allegations around his anti-corruption minister Tulip Siddiq, the Tories said.
Asked about reports that Ms Siddiq lived at properties in London linked to allies of her aunt, the former Bangladeshi prime minister, shadow business secretary Andrew Griffith said he was more interested in the “tone at the top” of Government.
He told LBC News: “It is not about any individual minister, it is about the tone that the Prime Minister… remember he called himself ‘Mr Rules’, ‘Mr Integrity’, and it immediately transpired he had been having other people, donors, pay for his wife’s clothes and accepting hospitality to Taylor Swift concerts?
“It is not about any one individual to me. It is about the tone at the top, what sort of Prime Minister leadership we are going to see in this space.”
McFadden insists he has full confidence in under-pressure minister Siddiq
09:09 , Jabed AhmedA senior Government figure said he has full confidence in Tulip Siddiq, the anti-corruption minister under investigation over allegations about properties linked to her aunt’s political movement in Bangladesh.
Pat McFadden, a Cabinet Office minister, was asked by Times Radio if he had full confidence in his colleague.
Mr McFadden, the Chancellor of the Duchy of Lancaster, replied: “Yes.”
He added: “She (Ms Siddiq) has done the right thing. All these allegations have been made, and she has referred all of them to the independent adviser on ministerial interests.
“When we won the election six months ago, we boosted the powers of the independent adviser in the new ministerial code that was issued, to make sure that he had the power to initiate and carry out investigations into allegations like this.
“That is what he is doing, and that is the right way to deal with this.”
Coming up in Parliament today
09:08 , Jabed AhmedHouse of Commons:
1430 Home Office questions
1530 A statement on the Defence Committee report titled “Developing AI capacity and expertise in UK Defence”
Backbench business debates on (i) Hospice and palliative care (ii) Impact of food and diet on obesity
An adjournment debate on the impact of sixth form college strikes in Sussex on students
Westminster Hall:
1630 E-petition 661407 relating to children’s social media accounts
House of Lords:
1430 Oral questions1520 Great British Energy Bill – committee stage (day three)
Cabinet minister defends Reeves’ trip to China
09:05 , Jabed AhmedRachel Reeves’ trip to China amid UK market turmoil was in the “national interest”, a senior Cabinet minister has said.
Asked by BBC Breakfast if the Chancellor was right to make the journey, Cabinet Office minister Pat McFadden said: “Definitely.”
He added: “I think the people saying she shouldn’t have gone are wrong and making a bad mistake.
“It is absolutely right for the Chancellor of the Exchequer, for the chief economic voice in the United Kingdom, to go and to beat the drum for British business and for investment in the United Kingdom.
“It was in the national interest that the Chancellor went to China, and that is why it is absolutely right that she went.”
Pound under further pressure after difficult week
09:04 , Jabed AhmedThe pound was under further pressure on Monday as Government borrowing costs continued to push to multi-decade highs.
Sterling fell 0.4% to 1.215 US dollars, having last week hit its lowest level against the dollar since November 2023 amid the sell-off in Government bonds.
UK Government bonds – also known as gilts – continued to see yields rise, with 10-year gilts remaining at the highest level since 2008, up four basis points at 4.89%.
The yield on 30-year gilts also hit fresh 27-year highs, up five basis points at 5.5%.
