Bank of England Governor Andrew Bailey has joined Rachel Reeves in China. (Image: Getty)
The Governor of the Bank of England has joined Chancellor Rachel Reeves on a trip to China amid trouble in UK financial markets.
Andrew Bailey and Ms Reeves jetted off to forge stronger economic ties with the world's second-largest economy on Thursday despite Britain's borrowing costs hitting their highest level since the 2008 financial crisis.
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Sterling fell on Thursday to its lowest level in more than a year, falling almost 1% to just under 1.23 US dollars, its lowest level since November 2023. Sterling trimmed its losses in afternoon trading, ending 0.58% lower at the close of trading in London.
The FTSE 250 stock index also slid to its weakest level for nine months before staging a recovery later in the session.
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Some experts are warning the Chancellor could be forced into piling more tax misery on Brits or making cuts to spending plans to meet UK fiscal rules due to a potential rise in the Government's debt interest bill.
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Darren Jones said markets were functioning in an orderly way (Image: Getty)
The Institute for Fiscal Studies has said the Government's "razor-thin margin" on meeting its rules could be easily eroded if interest rates stay higher.
Yields on government bonds - which reflect the cost of government borrowing - continued to rise on Thursday, up eight basis points to 4.89% for 10-year gilts, which is the highest since 2008.
The rise in the amount paid to service government debts is a worrying sign of how investors see fiscal sustainability in the UK.
Ministers have said there is no need for emergency intervention in a bid to ease concerns about Britain's shaky financial markets.
Treasury minister Darren Jones said that the markets were functioning in an "orderly way", stressing that the Government's fiscal rules are "non-negotiable".
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Despite the turmoil, Culture Secretary Lisa Nandy said Ms Reeves was absolutely right to continue in her trip to China.
Asked if the Chancellor made the right call in not cancelling the visit, Ms Nandy told Sky News: "Absolutely it was."
She added: "China is the second largest economy and what China does has the biggest impact on people from Stockton to Sunderland, right across the UK, and it's essential we have a relationship with them.
"We need to make sure the UK economy remains competitive. We need to challenge where we must - including in the area of human rights - but we also need to make sure we are working with China on those areas of shared interest."
Ms Reeves' trip to China also risks the ire of US President-elect Donald Trump, who is a fierce critic of Beijing and soon to be the leader of one of the UK's largest trading partners.
The Conservatives have criticised the Chancellor for proceeding with the trip this weekend rather than remaining in the UK to address the rising cost of borrowing.
Ms Reeves is due to meet China's Vice Premier He Lifeng in Beijing before travelling to Shanghai for talks with British firms operating in China.
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Shadow Chancellor Mel Stride said Ms Reeves was "missing in action" and accused her of "wheeling out her deputy to defend her loss of control of the public finances" as Mr Jones answered questions in the Commons in her place.
Mr Stride accused the Government of making a panicked attempt to reassure the markets, while Mr Jones pointed to global factors influencing the gilt market.
The Bank of England's Deputy Governor for Financial Stability, Sarah Breeden, said Threadneedle Street was closely monitoring market conditions, and most of the changes were driven by global factors.