The value of the pound fell to its lowest level in over a year while UK borrowing costs jumped to their highest since the financial crisis

Rachel Reeves was urged to scrap a trip to China to stay in Britain to tackle the nation’s economic woes. The Chancellor was accused of having “fled to China” rather than explain how she will help the UK’s “flatlining” economy after borrowing costs hit a 27-year high and the Pound fell to a year low against the Dollar,

The unexpected action is intended to tamp down a potential bubble in the bond market fueled by investors shunning riskier assets like stocks and real estate.

China’s central bank has hit pause on government bond purchases, a move that comes as long-term yields hit fresh lows amid expectations of more monetary policy easing. The People’s Bank of China cited excess demand for government bonds as the reason for its decision,