The Chancellor Rachel Reeves is travelling to China in a bid to boost trade and economic ties, as she faces pressure over government borrowing costs hitting their highest level in years. The three day-visit has been criticised by some Conservatives who claim she should have cancelled the trip to prioritise dealing with economic issues at home.

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

Rachel Reeves faces mounting pressure to cancel her trip to China as Britain grapples with a market crisis that has pushed Government borrowing costs to their highest level since the 2008 financial crash.