Rachel Reeves faces wrath of MPs over markets meltdown TODAY – while PM holds crisis talks with Cabinet amid mounting Labour unrest [Video]

03:10 EST 14 Jan 2025, updated 10:51 EST 14 Jan 2025

Rachel Reeves faces the wrath of MPs over the markets meltdown today amid mounting Labour unrest.

The Chancellor will make a statement in the Commons following her controversial trip to China over the weekend.

But the focus is likely to be on the extraordinary hammering the UK has been taking from traders – with the Pound sliding against the US dollar and interest on government borrowing spiking.

Critics insist Ms Reeves’ huge Budget tax raid is to blame, with businesses warning it has crushed growth by fueling inflation and triggering a jobs cull.

Although debt costs have been rising around the world, Britain has been harder hit than many other countries. And economists say Ms Reeves will almost certainly have to slash spending or push taxes even higher this year as a result.

Ministers were offered some relief this morning as better news from the Middle East helped calm markets, …