Rachel Reeves is on her way back to the UK after a brief visit to China over the weekend. The Chancellor faced calls to cancel the trip, not over alleged human rights abuses by her hosts, but instead because of the state of the UK bond market. However, those around Reeves did not seriously consider cancelling her visit to China, taking the view that to call it off would have added to a sense of panic. After borrowing costs soared in the days before she departed, Reeves abruptly cancelling the trip would have likely drawn comparisons with 1976, when chancellor Denis Healey turned back at Heathrow, aborting a planned trip to Hong Kong as the pound plunged.
The China pivot is already a cause of internal angst in the Labour party
So, was it worth the trip? The government had been heralding agreements made in China to the tune of £600 million.
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