But Chief Secretary to the Treasury Darren Jones, standing in for Reeves in the Commons on Thursday, said the trip was "important" for UK trade and there was "no need for an emerg

The Chancellor has been criticised for continuing with a planned visit to China amid rising yields on government bonds

Rising UK borrowing costs raise risk that chancellor will have to impose tighter fiscal policy as soon as March

Rachel Reeves is facing her first major test since becoming Britain's finance minister after a jump in the government's borrowing costs this week and a deepening of the pound's losses on Thursday, potentially forcing her to cut future spending.

As any football fan knows, statements of support from the board are rarely followed by good news. As in football, so in finance, and the Treasury’s attempt to dismiss as “pure speculation” the suggestion that yields on Government debt spiking to their highest level since 2008 could put Chancellor Rachel Reeves in breach of her own fiscal rules do not seem likely to inspire confidence.

Rachel Reeves is facing her first major test as Britain's finance minister after the government's borrowing costs climbed for a third day on Thursday and the pound's losses deepened, potentially forcing her to cut future spending.

Rising gilt yields and higher debt interest sound warning that Chancellor may miss her Budget borrowing targets