UK economy: slump in pound piles pressure on Labour

The cost of government borrowing rose again this morning and the pound fell - with financial markets still worried by the country's faltering economy and weak public finances.

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The Chief Secretary to the Treasury, Darren Jones, tried to calm nerves, saying the government was determined to keep the national debt under control.

The Chancellor herself is on a flight to China, in search of new trade and investment opportunities to kick start the economy.