Rachel Reeves wiped away tears in the Commons on Wednesday – and promptly wiped billions off the UK markets.
The Chancellor was seen visibly emotional during Prime Minister’s Questions as Sir Keir Starmer appeared to cast doubt on her future by stopping short of confirming she would remain in post.
The dramatic scenes sparked a sharp reaction in the markets, with UK borrowing costs surging. The effective interest rate on 10-year government debt saw one of the steepest rises since the turmoil under Liz Truss’s short-lived premiership.
Sterling also took a hit, sliding almost 1 per cent against the US dollar by the end of the day.
In total, the sell-off wiped around £3 billion from the value of UK markets – all while questions now swirl over Reeves’s long-term position in government.
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