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The Latest Breaking News from Rachel Reeves

Reeves mulls deeper cuts to public services as borrowing costs soar

Chancellor could slash departmental spending in spring after ruling out tax increase, officials reveal

The Guardian - UK

Cuts, tax rises and doing nothing: Rachel Reeves’ options to tackle economic woe

Labour’s fiscal rules may limit the chancellor’s ability to act, but waiting it out may be the best option

The Guardian - UK

Muskmania couldn’t save Steve Reed from the farmers, or himself

The environment secretary tried in vain to explain to protesters that they weren’t angry about tax, but Tory neglect

The Guardian - UK

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Rachel Reeves must handle bond sell-off with care, but this is not a Truss-level event

Unlike 2022, bond markets have not been shocked, but the chancellor will know threat of a doom loop is not far away

The Guardian - UK

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

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

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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

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

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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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

Evening Standard

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.

The Guardian - UK

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

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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

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

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