Reeves brushed off calls to resign as she promised a growth plan.

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Chancellor Rachel Reeves has defended her visit to China last week, insisting her economic plans will deliver “huge” rewards, and has defended her visit to MPs.

In her first House of Commons appearance since market turmoil hit her economic plans last week, Reeves accused her opposite number Mel Stride of being part of a “Shakespearean tragedy”.

“To go or not to go is now the question,” Strid said. But Reeves, cheered by Labor MPs, said she would set out more detailed plans to revive the stagnant economy in the coming weeks.

“If we get it right, the reward for the British people is enormous,” she said. Reeves said the recent bond market turmoil over UK borrowing reflected “global economic uncertainty”.

Stride Reeves said he should have stayed in Britain to stabilize the markets instead of going to the “begging bowl” of China. Reeves said it was important to build trade relations with Beijing.

Although Reeves has raised human rights issues with Chinese leaders and condemned “completely baseless sanctions against British MPs,” she said “engagement is not an option.”

The Chancellor is under intense pressure to come up with a plan to turn around the economy.

UK borrowing costs have hit a 16-year high, as investors fear a combination of anemic growth and persistent inflationary pressures.

The tension in the UK market comes amid a global sell-off in government bonds in recent weeks, partly on fears that US President-elect Donald Trump’s proposed tariffs will be inflationary.

The gilt market was steady following the Chancellor’s first comments, with the 10-year yield at 4.88% on the day, and below last week’s post-financial crisis 4.93%.

Reeves’s statement comes amid growing unease among Labor MPs over her decision to scrap fuel payments for 10 million pensioners last year, many of whom still criticize the chancellor over her handling of the economy.

On Monday, Number 10 took the unusual step of announcing that Stammer Reeves would remain in the role until the election, after the Prime Minister refused to give that assurance.

One newly elected Labor MP said: “Some people are watching the election and worrying about their seats. There is a risk that Rachel Reeves will become a lightning rod for something wrong, but I don’t think we’re at that point yet.

This is a developing story.