CHANCELLOR Rachel Reeves should not be rolling out the red carpet for Shein.
The Chancellor facing criticism may claim that a £50 billion stock market launch could benefit the economy, especially after the challenges brought by her recent Budget decisions.
Shein is looking to have its shares listed in London not only to generate funds but also to enhance its reputation given the worries surrounding potential forced labor in its production chain.
There will be some investors prepared to shrug off questions on Shein.
But most should know they are flying blind.
If even Shein’s top legal advisor is unable to provide details on the composition and sourcing of its clothing, it raises concerns about the level of transparency that would be available to investors.
There is a “high chance” Rachel Reeves will have to raise taxes or make emergency spending cuts, experts said as she touched down in China earlier in the week.
Economists at Barclays said surging borrowing costs meant her room for manoeuvre had gone.
Its chief economist, Jack Meaning, said that, unless costs fell soon, “there is a high chance that she is forced to make fiscal adjustments”.
It came as the Chancellor, who met finance minister Lan Fo’an yesterday, was accused of deserting a Britain in turmoil.
One Cabinet colleague said the situation was “make or break” for Labour while another said Ms Reeves had “lost the plot”.
Shadow Chancellor Mel Stride added: “We are witnessing an economic mess of Rachel Reeves’ own making, with the impacts of her disastrous Budget continuing to bite.
“Yet astonishingly she made the choice to get on a jet rather than stay and try to get a grip.
“The Chancellor should turn right back around, and return to the UK urgently.”
Former Tory Leader Sir Iain Duncan Smith blasted: “The trip is pointless – as the disastrous ‘Golden Era’ showed, the murderous, brutal, law-breaking, communist regime in China will not deliver the growth the Labour government craves.
“Instead, she should stay home and try to sort out the awful mess her Budget has created.”
