UK government financial reports and official statements

Rachel Reeves Seeks £600 Million Economic Boost from China on First Chancellor Visit in a Decade Amid Human Rights Concerns

Jan 11, 2025, 09:50 AM

UK Chancellor Rachel Reeves has embarked on a significant trip to China, marking the first visit by a British chancellor in nearly a decade. The visit aims to strengthen economic and financial ties between the UK and China, with Reeves meeting Chinese Vice Premier He Lifeng in Beijing. Amidst a backdrop of economic turbulence in the UK, including a plummeting pound and rising borrowing costs, Reeves has emphasized the importance of engaging with China to boost economic growth. The chancellor has announced that agreements reached during the visit are expected to deliver up to £600 million to the UK economy over the next five years, with the potential to reach £1 billion. Financial services firms such as HSBC and Standard Chartered were part of the delegation. The agreements include initiatives like the Wealth Connect program and the issuance of a green bond in London. Despite criticism from opposition parties and concerns over human rights abuses, including in Xinjiang, Reeves insists on the necessity of pragmatic cooperation with China, while also pledging to address issues such as China's support for Russia and the case of detained British citizen Jimmy Lai.