Seeking business partners is sound policy, but even in these darker geopolitical times the UK will still side with the US

Rachel Reeves will fly with a delegation of City executives to China this week as Labour seeks closer economic links with Beijing as part of its quest for growth.

With the outlook increasingly rocky at home after a run of soft economic data, the chancellor is sorely in need of a positive story to tell. Reeves came under pressure to cancel the long-planned trip amid the sell-off in the bond markets but Darren Jones, the Treasury chief secretary, said she would still go on the “important visit in terms of trends and investment”.