Business is cold on Rachel Reeves. Will the PM freeze her out?

https://archive.is/hVkpq

>Privately, however, sources close to the Treasury say the chancellor is “very depressed” that her reputation for prudence has been so quickly destroyed and they claim “she can’t see a way out”. One source said: “She’s got choices to make and she knows they’re all shit.”

>The crisis, if that’s what it is, was brought to a head by a two-week sell-off of UK government bonds, known as gilts, which began last week and continues this week. Yields on ten-year gilts rose to 4.7 per cent, the highest this century and higher than in the aftermath of Liz Truss’s disastrous mini-budget in 2022.

>Reeves has also ruled out further tax rises. That leaves another spending squeeze. Further welfare cuts are being considered, but there are huge pressures.

!PING UK