Rachel Reeves was warned the economy could enter a “doomed loop” after borrowing surged to a new high in a fresh blow to the Chancellor. The Treasury borrowed £17.8 billion in December, the highest level for four years and £10 billion more than the same month last year.

It comes as Rachel Reeves insisted she would not resign despite a wave of criticism over decisions such as the National Insurance increase, inheritance tax on family farms and winter fuel payment means-testing, as well as poor economic growth with the economy growing by just 0.1% in November.

Andy Haldane, who was with the Bank for 32 years until 2021, said the Office for Budget Responsibility's (OBR) forecast in March could lead to less investment and spending.

British finance minister Rachel Reeves said on Monday she would meet representatives from key financial services sectors, such as banking and insurance, over the coming months to formulate a new growth and competitiveness strategy.

UNDER-pressure Rachel Reeves was given a glimmer of hope as inflation fell — raising interest rate cut hopes. The Chancellor saw inflation sink 0.1 per cent to 2.5 per cent in December, the drop

RACHEL Reeves has vowed to “make the UK better off” on her visit to China amid fury over a major debt crisis and a plummeting economy at home. The under-siege Chancellor met Chinese

Chancellor Rachel Reeves faces "difficult decisions" if she wants to meet her self-imposed financial rules after borrowing costs hit their highest level for 16 years, the former deputy governor of the Bank of England has warned.

The disappointing retail data adds to the dim economic picture in the U.K. and to the challenges facing Finance Minister Rachel Reeves.

Spare a thought for the Chancellor. She’s going through a tough time. The headlines at the moment are brutal. While Number 10 has now backed her to remain as Chancellor for the rest of the parliament,

Most economists were expecting GDP to rebound by 0.2% in November. The figures come after a difficult past couple of weeks for Chancellor Rachel Reeves, after government borrowing costs surged and the value of the Pound slumped amid worries over the economy and UK debt levels.

Truss herself accused the Chancellor of pushing Britain “to the brink of an economic crisis”. Shadow Chancellor Mel Stride said Reeves’ visit to China is “tone deaf” and she should be “reassuring” markets in the UK following turbulence on the gilt markets.

Inflationary pressures are likely to prove frustratingly persistent, a Bank of England survey suggests, as firms prepare to hike prices.