
Rachel Reeves is making the same mistake as Liz Truss
Rachel Reeves returns from China this morning to face growing accusations that she has lost her grip on the public finances. This latest bond market crisis has brought into question whether the Chancellor is at risk of – or has already – broken her own fiscal rules. Capital Economics reports that a surge in gilt yields – which are at their highest levels since the financial crash – means that her £12 billion of fiscal headroom is now gone. The Treasury will be desperately hoping that something, anything, calms the markets this week and sees borrowing costs start to fall. Reports that the Chancellor has called on ministers to come
