Rachel Reeves insists shes won £600m of trade deals as critics slam her for going on controversial China trip with a begging bowl
Rachel Reeves yesterday defended her controversial trip to China as critics accused her of going with a begging bowl.
Rachel Reeves yesterday defended her controversial trip to China as critics accused her of going with a begging bowl.
The Chancellor said agreements reached in meetings in Beijing would be worth £600 million to the UK over the next five years.
She said she wants a long-term relationship with China that is squarely in our national interest.
She had been accused of being missing in action over refusing to cancel her China trip amid government borrowing costs hitting a 16-year high and a fall in the value of the pound.
Speaking during a tour of UK bike maker Bromptons store in Beijing yesterday, Ms Reeves insisted she would not change her economic plans. She said: I have been really clear that our fiscal rules are non-negotiable, that we will pay for day-to-day spending through tax receipts and we will get debt down as a share of Gross Domestic Product.
Thats why Im in China to unlock tangible benefits for British businesses exporting and trading around the world to ensure we have greater access to the second-largest economy in the world.
Ms Reeves is the first Chancellor to visit China since 2019. She met Vice-Premier He Lifeng in Beijing, discussing trade and investment opportunities as part of efforts to grow the British economy and raise living standards.
Following the talks, the Treasury said both countries had agreed to deeper co-operation in trade, financial services, investment and on climate issues.
Ms Reeves met Vice-Premier He Lifeng in Beijing, discussing trade and investment opportunities as part of efforts to grow the British economy and raise living standards
The Chancellor said agreements reached in meetings in Beijing would be worth £600 million to the UK over the next five years
Ms Reeves is the first Chancellor to visit China since 2019 (pictured speaking during the 11th China - UK Economy and Finance Dialogue)
Ms Reeves said: More widely, today is a platform for respectful and consistent future relations with China.
But Tory MP and former security minister Tom Tugendhat said: Shes going at a time when her Budget has sacked the economy, we have got debt rates going up and she looks as if shes going with a begging bowl, not with a trading deal.
Thats a real problem because it makes the UK look more vulnerable, and others around the world will see it too.
Speaking on Radio 4s Today programme, he added: We dont use the second most important person in government to do anything other than to fundamentally change a relationship.
Well, she hasnt told us what that change is.
Yesterdays meeting with He Lifeng also included discussions over Hong Kong and Russias invasion of Ukraine.
The Treasury added Ms Reeves raised issues of human rights, forced labour and made clear that Chinas sanctions against parliamentarians are completely unwarranted and unacceptable.