Rachel Reeves is getting ready for the next market test

Rachel Reeves did her best to keep today’s China visit statement on topic. The Chancellor wanted to talk about ‘cooperation’, ‘competing where our interests differ,’ her efforts to break down market barriers and the £600 million she secured in investment. But other MPs had other ideas.

‘I know the Chancellor has been away,’ said the Shadow Chancellor Mel Stride. ‘So let me update her on the mess she left behind.’ So began the battle between the Chancellor – to stay on topic – and her opposition to bring up the long list of economic woes that have come to the forefront this week: not just the substantial rise in borrowing costs, but the no-growth, confidence-bust economy that has spurred on whispers of a possible recession or ‘stagflation’, that would see growth remain flat, inflation rise again, and unemployment to tick up, too.