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The chancellor was addressing the Commons following her return to the UK from a trip to China to drum up investment. <\/p>\n
During the debate, she accused Conservative critics of ignoring “global volatility” behind rising borrowing costs in other countries such as the US, Germany and France.<\/p>\n
“The economic headwinds that we face are a reminder that we should, indeed we must, go further and faster in our plan to kick-start economic growth that plunged under the last government,” she told MPs.<\/p>\n
Reeves promised to set out new economic policies after next week’s meeting of the World Economic Forum in Davos.<\/p>\n
The BBC has been told the industrial strategy, promised in Labour’s manifesto, is now being “fast tracked” to help bolster growth.<\/p>\n
Sector-specific announcements, like this week’s strategy for boosting artificial intelligence, will be rolled out in the coming weeks.<\/p>\n
On Tuesday, the yield on 30-year government bonds – the interest rate at which the government pays back investors – stood at 5.42% – close to the highest since 1998. <\/p>\n
The yield on debt due for repayment in 10 years was 4.87% – close to the highest since 2008.<\/p>\n
If sustained, higher UK borrowing costs may raise annual debt interest by \u00a310bn by 2029-30, wiping out the Chancellor’s \u00a310bn headroom against her self-imposed fiscal rules. <\/p>\n<\/div>\n<\/div>\n
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Speaking in the Commons, Stride accused the government of having “talked down the economy” and “crippled businesses” with rises in the Budget to employers’ National Insurance contributions.<\/p>\n
“Growth has been killed stone dead, inflation is rising impacting millions, interest rates are staying higher for longer, and business confidence has fallen through the floor,” he added.<\/p>\n
“This is a crisis made in Downing Street.” <\/p>\n<\/div>\n<\/div>\n
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On Monday, Sir Keir Starmer said he had “full confidence” in Reeves and the government was committed to its fiscal rules.<\/p>\n
But Conservative leader Kemi Badenoch accused him of refusing to back her after he declined at a press conference to answer specifically whether she would be in post at the next election.<\/p>\n
Downing Street later confirmed the prime minister intended to keep Reeves as his Chancellor for the duration of this Parliament. <\/p>\n<\/div>\n<\/div>\n
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