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The Latest Breaking News from Rachel Reeves

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

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

Evening Standard

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

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

The Independent UK

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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

Evening Standard

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

The Guardian - UK

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

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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

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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Evening Standard

What the papers say – January 9

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

The Independent UK

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 National (Scotland)

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 Guardian - UK

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

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Evening Standard

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.

The Guardian - UK

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

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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