EMBATTLED Rachel Reeves today jetted off to China amid fury over a major debt crisis and a plummeting economy at home. The under-siege Chancellor took off for Beijing this morning as yields on UK

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.

Chancellor Rachel Reeves faces demands to cancel a trip to China as the UK economy descends into chaos. She is jetting off to Beijing despite fears that a crisis on the financial markets could force her to impose fresh tax hikes or impose swingeing spending cuts.

The pound has fallen to its lowest level in over a year, while UK borrowing costs hit their highest for 16 years. Economists have warned that the rising costs could lead to further tax increases or spending cuts as the government tries to meet its self-imposed rule not to borrow to fund day-to-day spending.

The Pound has tumbled to its lowest level against the US dollar for over a year as government borrowing costs surged sparking warnings that mortgage rates will also rise. Sterling weakened again on Thursday morning amid a deepening rout in UK government bonds,