British finance minister Rachel Reeves will try to build "common ground on trade and investment" during a trip to China this weekend, the Treasury said on Saturday, in the latest move by the government to thaw ties with Beijing.

Chancellor Rachel Reeves flew to Beijing to bang the drum bang the drum for trade and rebuild ties after years of frosty relations but economic turmoil risked overshadowing the trip

Ms Reeves is bracing herself for a report on the state of the public finances due from the Office for Budget Responsibility on March 26, and is due to reveal her spending plans in June although there are rumours at Westminster that she could make an emergency statement before then.

The chancellor Rachel Reeves is under pressure to cancel a controversial trip to China as the UK economy faces another tumultuous day on the markets. Shadow home secretary Chris Philp blamed Labour for the soaring cost of government borrowing and said she “should stay in the UK fixing the mess her Budget has created”.

Chancellor Rachel Reeves faces demands to cancel a trip to China as the UK economy descends into chaos. She is jetting off to Beijing despite fears that a crisis on the financial markets could force her to impose fresh tax hikes or impose swingeing spending cuts.