Watch: Rachel Reeves addresses controversial China trip amid market turmoil

Watch as Rachel Reeves answered questions in the House of Commons on Tuesday, 13 January, after returning from a trip to China criticised by political opponents for coinciding with a week of volatility for the pound and soaring yields on UK bonds.

The chancellor moved to reassure turbulent financial markets amid high government borrowing costs as she faces a grilling from MPs on Tuesday.

Her trip came as UK borrowing costs hit a 16-year high and the value of the pound fell.

The Tories accused Ms Reeves of having “fled” to the country amid market turmoil while the Liberal Democrats urged her to remain in the UK to announce a “plan B” to address the instability.

However, the chancellor said agreements reached in Beijing, where she held discussions on trade and investment, would be worth £600m to the UK over the next five years.

Speculation about Ms Reeves’ position mounted on Monday after Sir Keir Starmer confirmed his confidence in her.

The prime minister declined to confirm she would stay in Number 11 until the next general election.

Downing Street later clarified the chancellor would remain in her position “for the whole of this Parliament.”