A whistleblower's report has raised concerns about Chancellor Rachel Reeves' expenses during her time as a customer relations manager at HBOS in 2009.&nbsp;
Specifically, it alleges that Reeves claimed expenses for a bottle of champagne intended for a junior colleague, who later denied receiving it.
It follows a series of revelations by the BBC about an investigation into Reeves and two other senior managers at HBOS who were said to have used expenses to &ldquo;fund a lifestyle&rdquo; of dinners, events, taxis and gifts.
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<h2 dir="ltr">Reeves claimed &pound;29.93 in expenses for a bottle of champagne</h2>
According to the documents seen by The Times, concerns were raised about Reeves&rsquo; use of expenses to buy a bottle of Mo&euml;t and Chandon for another more junior colleague working in the department.
Chancellor Rachel Reeves allegedly claimed &pound;29.93 ($37.70) in expenses for a bottle of champagne purchased at a Tesco store in Leeds, alongside her groceries. The expense claim categorised the champagne as "colleague entertaining and incentives", despite the intended recipient reportedly denying receipt of the gift.
The same expense claim also shows Reeves billed the company &pound;9.40 ($11.84) for sweets for her team, &pound;4.92 ($6.20) for biscuits for an away day and &pound;1.34 ($1.69) for a birthday card.
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Internal emails obtained alongside the whistleblower's report show that a staff member questioned the champagne purchase, prompting an investigation into whether the intended recipient had received the gift.
In an email sent in early January 2009, the colleague in question denied receiving the champagne as a reward, jokingly stating they had received gratitude but "no Mo&euml;t" for their efforts. This response came seven weeks after Reeves had purchased the champagne.
What did Reeves's spokesperson say?
A spokesperson for Reeves told The Times that she was unaware of the claims that had been made against her or any investigation into her expenses.
&ldquo;Rachel is proud of the work she did at HBOS and the teams that she led; it is 16 years since she left the bank and the first time she was made aware of these claims was when approached by journalists. She was not aware of an investigation nor was she interviewed, and she did not face any disciplinary action on this or any other matters. All expenses were submitted and signed off in the proper way. Several former colleagues from her time at the bank, including HBOS&rsquo; former HR business partner, have corroborated this account. Rachel left HBOS in 2009 on good terms.&rdquo;
(With inputs from agencies)

World: A whistleblower's report has sparked scrutiny over Chancellor Rachel Reeves' expenses from her tenure as a customer relations manager at HBOS in

A whistleblower's report has raised concerns about Chancellor Rachel Reeves' expenses during her time as a customer relations manager at HBOS in 2009. Specifically, it alleges that Reeves claimed expenses for a bottle of champagne intended for a junior colleague, who later denied receiving it. It follows a series of revelations by the BBC about an investigation into Reeves and two other senior managers at HBOS who were said to have used expenses to “fund a lifestyle” of dinners, events, taxis and gifts. Also read | Trump administration dismisses nearly half of 'disease detectives' even as bird flu concerns rise Reeves claimed £29.93 in expenses for a bottle of champagne According to the documents seen by The Times, concerns were raised about Reeves’ use of expenses to buy a bottle of Moët and Chandon for another more junior colleague working in the department. Chancellor Rachel Reeves allegedly claimed £29.93 ($37.70) in expenses for a bottle of champagne purchased at a Tesco store in Leeds, alongside her groceries. The expense claim categorised the champagne as "colleague entertaining and incentives", despite the intended recipient reportedly denying receipt of the gift. The same expense claim also shows Reeves billed the company £9.40 ($11.84) for sweets for her team, £4.92 ($6.20) for biscuits for an away day and £1.34 ($1.69) for a birthday card. Also read | ‘Elon Musk is the father’: Influencer claims she’s secretly given birth to Tesla CEO’s child Internal emails obtained alongside the whistleblower's report show that a staff member questioned the champagne purchase, prompting an investigation into whether the intended recipient had received the gift. In an email sent in early January 2009, the colleague in question denied receiving the champagne as a reward, jokingly stating they had received gratitude but "no Moët" for their efforts. This response came seven weeks after Reeves had purchased the champagne. What did Reeves's spokesperson say? A spokesperson for Reeves told The Times that she was unaware of the claims that had been made against her or any investigation into her expenses. “Rachel is proud of the work she did at HBOS and the teams that she led; it is 16 years since she left the bank and the first time she was made aware of these claims was when approached by journalists. She was not aware of an investigation nor was she interviewed, and she did not face any disciplinary action on this or any other matters. All expenses were submitted and signed off in the proper way. Several former colleagues from her time at the bank, including HBOS’ former HR business partner, have corroborated this account. Rachel left HBOS in 2009 on good terms.” (With inputs from agencies)

UK Chancellor Rachel Reeves accused of claiming expenses for champagne meant to be a gift

Britain’s Finance Minister, Rachel Reeves, in her first budget, announced the country’s largest tax increase in three decades. To address the $28 billion funding gap, reeves plans to raise taxes by $52 billion a year, with a large share falling on businesses.

Rachel Reeves Unveils Largest Tax Hikes in 30 Years

The Bank of Japan's (BOJ) interest rate meeting on Thursday is a highlight for next week, and across the APAC region, look out for a raft of inflation data.

The BOJ is set to remain on pause and leave the policy rate unchanged. The central bank is expected to reiterate its core message that if the economy develops according to forecasts, it will continue normalising monetary policy. Markets will pay particular attention to the BOJ’s quarterly outlook report.

In the US, one could be forgiven for questioning why the Fed cut rates by 0.5 per cent in September, given the backdrop of 3 per cent growth, low unemployment, equity markets at all-time highs, and inflation still above 2 per cent, and why the market expects the fed to cut rates down to 3 per cent.

Those questions could intensify over the coming week.

In the US, the focus shifts to growth data on Wednesday. Strong consumer spending is expected to power a second consecutive 3 per cent GDP print. This report will also set a marker for the US economy's resilience. High-income households are going from strength to strength.

However, lower-income households feel more pain as inflation's legacy hurts spending power much more. The US jobs report will be back in the spotlight on Friday. After last month's sizeable 254,000 increase, the consensus is looking for a weaker outcome this time around.

The weather will play a part, with hurricanes in the southeast impacting workers' ability to get to their place of employment. Likewise, the strikes at Boeing will weigh on the payroll number, with likely knock-on effects on suppliers.

In the UK, it's all about the budget on Wednesday. Chancellor Rachel Reeves has little choice but to increase day-to-day government spending. That inevitably means higher taxes, potentially centred on employers. Higher investment is coming too.

However, markets expect this boost to be more modest. The reason: the treasury seeks to avoid a steep increase in borrowing that might unsettle markets.

The Bank of Japan's (BOJ) interest rate meeting on Thursday is a highlight for next week, and across the APAC region, look out for a raft of inflation data. The BOJ is set to remain on pause and leave the policy rate unchanged.

The Bank of Japan's (BOJ) interest rate meeting on Thursday is a highlight for next week, and across the APAC region, look out for a raft of inflation data. The BOJ is set to remain on pause and leave the policy rate unchanged. The central bank is expected to reiterate its core message that if the economy develops according to forecasts, it will continue normalising monetary policy. Markets will pay particular attention to the BOJ’s quarterly outlook report. In the US, one could be forgiven for questioning why the Fed cut rates by 0.5 per cent in September, given the backdrop of 3 per cent growth, low unemployment, equity markets at all-time highs, and inflation still above 2 per cent, and why the market expects the fed to cut rates down to 3 per cent. Those questions could intensify over the coming week. In the US, the focus shifts to growth data on Wednesday. Strong consumer spending is expected to power a second consecutive 3 per cent GDP print. This report will also set a marker for the US economy's resilience. High-income households are going from strength to strength. However, lower-income households feel more pain as inflation's legacy hurts spending power much more. The US jobs report will be back in the spotlight on Friday. After last month's sizeable 254,000 increase, the consensus is looking for a weaker outcome this time around. The weather will play a part, with hurricanes in the southeast impacting workers' ability to get to their place of employment. Likewise, the strikes at Boeing will weigh on the payroll number, with likely knock-on effects on suppliers. In the UK, it's all about the budget on Wednesday. Chancellor Rachel Reeves has little choice but to increase day-to-day government spending. That inevitably means higher taxes, potentially centred on employers. Higher investment is coming too. However, markets expect this boost to be more modest. The reason: the treasury seeks to avoid a steep increase in borrowing that might unsettle markets.

Cues to watch: Bank of Japan meeting & lots of inflation data

In a pivotal moment for the UK, the Labour party is making headlines as Finance Minister Rachel Reeves delivered a keynote speech at the party's annual conference. Following a significant general election victory in July, the atmosphere is tense. With unions voicing strong opposition to proposed welfare cuts and controversy surrounding gifts received by top ministers.

UK FM Rachel Reeves vows to end trickle-down economics approach

Rachel Reeves Delivers Budget Keynote Amid Mounting Criticism

Rachel Reeves, the UK’s first female chancellor, has just six weeks to devise a plan to address the country's struggling public services and improve the economic outlook. All of this while managing a $29 billion fiscal gap.

Rachel Reeves Faces Challenge to Revive UK Public Services

The UK's first female chancellor has just 6 weeks to devise a plan to address the country's struggling public services and improve the economic Outlook. Watch to know more.

Rachel Reeves Faces Challenge To Revive UK Public Services

British politician Rachel Reeves has acknowledged receiving donations for clothing, amid rising criticism over senior Labour figures accepting gifts, just as the Labour Party conference was about to begin.&nbsp;

Reeves, who has taken nearly £7,500 ($9,991) for clothing from her friend Juliet Rosenfeld since 2023, now faces scrutiny along with Prime Minister Keir Starmer and Deputy Prime Minister Angela Rayner, who have also accepted clothing donations.

<h2 bis_size="{&quot;x&quot;:8,&quot;y&quot;:135,&quot;w&quot;:723,&quot;h&quot;:26,&quot;abs_x&quot;:41,&quot;abs_y&quot;:1822}">Donations for clothes</h2>

The revelation comes as Labour figures shift their stance, announcing they will no longer accept donations for clothing while in office.&nbsp;

On Friday (Sep 20), The Prime Minister, Rayner, and Reeves all made clear that they would stop taking donations for clothes now that they were in office.

Also read |&nbsp;<a bis_size="{&quot;x&quot;:88,&quot;y&quot;:279,&quot;w&quot;:637,&quot;h&quot;:16,&quot;abs_x&quot;:121,&quot;abs_y&quot;:1966}" data-ved="2ahUKEwie5qnyxtOIAxXYiK8BHe4nDAsQxfQBKAB6BAgREAE" href="https://www.wionews.com/world/british-pm-keir-starmers-wife-attended-two-taylor-swift-concerts-without-paying-a-penny-759730" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/world/british-pm-keir-starmers-wife-attended-two-taylor-swift-concerts-without-paying-a-penny-759730&amp;ved=2ahUKEwie5qnyxtOIAxXYiK8BHe4nDAsQxfQBKAB6BAgREAE">British PM Keir Starmer`s wife attended two Taylor Swift concerts without paying a penny</a>

However, Starmer's decision does not extend to other forms of hospitality, such as corporate football tickets or concerts like the Taylor Swift show he attended with his wife.&nbsp;

Recently, Sir Keir Starmer's wife, Lady Starmer, became the source of controversy after it was revealed that she received £5,000 worth of clothing and personal shopping from the donor. Starmer himself accepted £16,200 worth of "work clothing" from Lord Alli in April, three months before he won the election. 
&nbsp;&nbsp; 
This follows a backlash from Labour MPs, who argue that such actions could harm the party's reputation, calling for stricter limits on gifts and hospitality.

One Labour MP told the Telegraph, "Loads of us are livid. This is what hypocrisy looks like – and most of us have been fighting the 'they're all the same' rhetoric for our whole careers. Keir’s double standards just prove it's entirely accurate."

Also read |&nbsp;<a data-ved="2ahUKEwie5qnyxtOIAxXYiK8BHe4nDAsQxfQBKAB6BAgREAE" href="https://www.wionews.com/world/british-pm-keir-starmers-wife-attended-two-taylor-swift-concerts-without-paying-a-penny-759730" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/world/british-pm-keir-starmers-wife-attended-two-taylor-swift-concerts-without-paying-a-penny-759730&amp;ved=2ahUKEwie5qnyxtOIAxXYiK8BHe4nDAsQxfQBKAB6BAgREAE">British PM Keir Starmer`s wife attended two Taylor Swift concerts without paying a penny</a>

<h2 bis_size="{&quot;x&quot;:8,&quot;y&quot;:551,&quot;w&quot;:723,&quot;h&quot;:26,&quot;abs_x&quot;:41,&quot;abs_y&quot;:2238}">Reeves' clothing donations</h2>

As per The Telegraph, donations received by Reeves were declared on the Register of Members' Financial Interests. However, no mention of clothing specifically was mentioned, and her team states that no updates to the declarations are needed.

Nonetheless, the timing of these revelations threatens to overshadow the Labour Party’s conference, as party members and the public question the appropriateness of accepting such gifts while in government.

(With inputs from agencies)

British politician Rachel Reeves has acknowledged receiving donations for clothing, amid rising criticism over senior Labour figures accepting gifts, just as the Labour Party conference was about to begin.

British politician Rachel Reeves has acknowledged receiving donations for clothing, amid rising criticism over senior Labour figures accepting gifts, just as the Labour Party conference was about to begin. Reeves, who has taken nearly £7,500 ($9,991) for clothing from her friend Juliet Rosenfeld since 2023, now faces scrutiny along with Prime Minister Keir Starmer and Deputy Prime Minister Angela Rayner, who have also accepted clothing donations. Donations for clothes The revelation comes as Labour figures shift their stance, announcing they will no longer accept donations for clothing while in office. On Friday (Sep 20), The Prime Minister, Rayner, and Reeves all made clear that they would stop taking donations for clothes now that they were in office. Also read | British PM Keir Starmer`s wife attended two Taylor Swift concerts without paying a penny However, Starmer's decision does not extend to other forms of hospitality, such as corporate football tickets or concerts like the Taylor Swift show he attended with his wife. Recently, Sir Keir Starmer's wife, Lady Starmer, became the source of controversy after it was revealed that she received £5,000 worth of clothing and personal shopping from the donor. Starmer himself accepted £16,200 worth of "work clothing" from Lord Alli in April, three months before he won the election. This follows a backlash from Labour MPs, who argue that such actions could harm the party's reputation, calling for stricter limits on gifts and hospitality. One Labour MP told the Telegraph, "Loads of us are livid. This is what hypocrisy looks like – and most of us have been fighting the 'they're all the same' rhetoric for our whole careers. Keir’s double standards just prove it's entirely accurate." Also read | British PM Keir Starmer`s wife attended two Taylor Swift concerts without paying a penny Reeves' clothing donations As per The Telegraph, donations received by Reeves were declared on the Register of Members' Financial Interests. However, no mention of clothing specifically was mentioned, and her team states that no updates to the declarations are needed. Nonetheless, the timing of these revelations threatens to overshadow the Labour Party’s conference, as party members and the public question the appropriateness of accepting such gifts while in government. (With inputs from agencies)

UK freebies controversy: Rachel Reeves faces scrutiny over £7,500 clothing donations

Britain’s finance minister Rachel Reeves announced on Monday (July 29) that the country’s public finances are facing a £22 billion ($28.29bn) shortfall inherited from the Conservative government.

"We have inherited a projected overspend of £22 billion ($28 billion) this year that was covered up by the party opposite," said Reeves, who took office following Labour’s landslide victory over the Conservatives on July 4.

Also watch |&nbsp;UK's financial landscape amidst rate cuts

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Reeves, who addressed lawmakers with a detailed audit, warned that the unaddressed overspend would lead to a 25 per cent increase in the budget deficit this year. Her first budget will be presented on October 30.

"To reduce the pressure on public finances, I have already taken steps to cut spending by £5.5 billion ($7.07bn) this year and over £8.0 billion ($10.29bn) next year," she announced.

Reeves described the overspend as "not sustainable" and slammed the previous Conservative administration under Rishi Sunak for avoiding difficult decisions.

The finance chief also noted that the Labour government, led by Prime Minister Keir Starmer, will release its first spending and taxation statement on October 30.&nbsp;

She added that this budget aims to "fix the foundations of our economy" and will launch a multi-year spending review to set departmental budgets for the next three years.

The Conservative opposition rejected Labour’s claims and accused the new government of using the fiscal assessment to justify upcoming tax hikes. Conservative finance spokesperson Jeremy Hunt slammed Reeves for allegedly preparing the ground for tax increases she did not disclose during the campaign.

"The audit is widely viewed as a precursor to potential infrastructure spending cuts and some tax increases, despite Labour’s campaign promise not to raise the main rates levied on workers," said Hunt.

Media reports before&nbsp;Monday’s statement, including those from The Sunday Times, pointed out that Reeves’ team had identified a public finance shortfall of around £20 billion.

The UK deficit, the gap between government revenue from taxes and its expenditures, was approximately £120 billion ($154.54bn) for the fiscal year ending in March.

In response, shadow chancellor Jeremy Hunt accused Reeves of an “utterly bogus attempt to hoodwink the public” over public sector pay rises. 
 
“In her first big moment, she breaks that trust with an utterly bogus attempt to hoodwink the public about the choices she has,” Hunt said. 
 
“Over 50 times in the election, they told us they had no plans to raise taxes. Now in a U-turn that will forever shame this Labour government, she is laying the ground to break her word, and when she does, her first Budget will become the biggest betrayal in history by a new chancellor, and working families will never forgive her.” 
&nbsp;

(With inputs from agencies)

Britain’s finance minister Rachel Reeves announced on Monday (July 29) that the country’s public finances are facing a £22 billion ($28.29bn) shortfall inherited from the Conservative government.

Britain’s finance minister Rachel Reeves announced on Monday (July 29) that the country’s public finances are facing a £22 billion ($28.29bn) shortfall inherited from the Conservative government. "We have inherited a projected overspend of £22 billion ($28 billion) this year that was covered up by the party opposite," said Reeves, who took office following Labour’s landslide victory over the Conservatives on July 4. Also watch | UK's financial landscape amidst rate cuts × Reeves, who addressed lawmakers with a detailed audit, warned that the unaddressed overspend would lead to a 25 per cent increase in the budget deficit this year. Her first budget will be presented on October 30. "To reduce the pressure on public finances, I have already taken steps to cut spending by £5.5 billion ($7.07bn) this year and over £8.0 billion ($10.29bn) next year," she announced. Reeves described the overspend as "not sustainable" and slammed the previous Conservative administration under Rishi Sunak for avoiding difficult decisions. The finance chief also noted that the Labour government, led by Prime Minister Keir Starmer, will release its first spending and taxation statement on October 30. She added that this budget aims to "fix the foundations of our economy" and will launch a multi-year spending review to set departmental budgets for the next three years. The Conservative opposition rejected Labour’s claims and accused the new government of using the fiscal assessment to justify upcoming tax hikes. Conservative finance spokesperson Jeremy Hunt slammed Reeves for allegedly preparing the ground for tax increases she did not disclose during the campaign. "The audit is widely viewed as a precursor to potential infrastructure spending cuts and some tax increases, despite Labour’s campaign promise not to raise the main rates levied on workers," said Hunt. Media reports before Monday’s statement, including those from The Sunday Times, pointed out that Reeves’ team had identified a public finance shortfall of around £20 billion. The UK deficit, the gap between government revenue from taxes and its expenditures, was approximately £120 billion ($154.54bn) for the fiscal year ending in March. In response, shadow chancellor Jeremy Hunt accused Reeves of an “utterly bogus attempt to hoodwink the public” over public sector pay rises. “In her first big moment, she breaks that trust with an utterly bogus attempt to hoodwink the public about the choices she has,” Hunt said. “Over 50 times in the election, they told us they had no plans to raise taxes. Now in a U-turn that will forever shame this Labour government, she is laying the ground to break her word, and when she does, her first Budget will become the biggest betrayal in history by a new chancellor, and working families will never forgive her.” (With inputs from agencies)

UK Labour government accused of laying groundwork for tax hike

UK economists are predicting slow expansion from the past to continue amid growing skepticism about Keir Starmer's newly-elected government to boost growth, a survey cited by Bloomberg showed.

Economists expect a slightly faster growth of 0.8 per cent in 2024 and 1.3 per cent in 2025. These projections are up 0.1 percentage points compared to the previous survey.

The forecasters also raise doubts over Labour party's plans for UK's long-term growth, while anticipating a looser fiscal policy under the new finance minister Rachel Reeves.

Reeves had earlier mentioned how it's a long-way to go for the economy to revive. 'We've just got started, there's a lot more to do, but I'm determined to fulfil that number one mission of this incoming Labour government to grow our economy and create good jobs right across the UK,' she said.

Reeves also seemed optimistic about the blitz of policy reforms aimed at boosting the economy. 'Well I hope that the plans that I've set in motion this week - the reform of the planning system, establishing the National Wealth Fund to co-invest with businesses, leveraging in billions of pounds of private sector investment - is what's needed to grow our economy and create good jobs right across the UK. There's a huge amount of work to be done. I've been in post for a week now, we've done more to reform the planning system in the first 72 hours I was in this role than the previous government did in 14 years.'

However, economists doubt the efficiency of reforms to propel UK's growth among G7 nations, as eyed by the new government. The coming months will be crucial to determine UK's growth trajectory.

UK economists are predicting slow expansion from the past to continue amid growing skepticism about Keir Starmer's newly-elected government to boost growth, a survey cited by Bloomberg showed.

UK economists are predicting slow expansion from the past to continue amid growing skepticism about Keir Starmer's newly-elected government to boost growth, a survey cited by Bloomberg showed. Economists expect a slightly faster growth of 0.8 per cent in 2024 and 1.3 per cent in 2025. These projections are up 0.1 percentage points compared to the previous survey. The forecasters also raise doubts over Labour party's plans for UK's long-term growth, while anticipating a looser fiscal policy under the new finance minister Rachel Reeves. Reeves had earlier mentioned how it's a long-way to go for the economy to revive. 'We've just got started, there's a lot more to do, but I'm determined to fulfil that number one mission of this incoming Labour government to grow our economy and create good jobs right across the UK,' she said. Reeves also seemed optimistic about the blitz of policy reforms aimed at boosting the economy. 'Well I hope that the plans that I've set in motion this week - the reform of the planning system, establishing the National Wealth Fund to co-invest with businesses, leveraging in billions of pounds of private sector investment - is what's needed to grow our economy and create good jobs right across the UK. There's a huge amount of work to be done. I've been in post for a week now, we've done more to reform the planning system in the first 72 hours I was in this role than the previous government did in 14 years.' However, economists doubt the efficiency of reforms to propel UK's growth among G7 nations, as eyed by the new government. The coming months will be crucial to determine UK's growth trajectory.

UK economists doubt Labour party's ability to boost growth

Rachel Reeves becomes Britain's first female finance minister after the Labour Party's landslide election victory on Friday.

Reeves, born on February 13, 1979, is a former chess champion and an ex-Bank of England economist who joined the party at the age of 16. She became the Labour's finance policy chief in 2021 and then served as the shadow Chancellor of the Exchequer. She has been a member of Parliament for Leeds West from 2010 to 2024. Now, the main question is: what will be her opening 'gambit' in this tricky fiscal situation?

The party has promised investments in health and education and also stressed the need to balance the books. Reeves has emphasised the need for fiscal stability amid public debt nearing 100 per cent of GDP, a level not seen since the 1960s. Reeves said in her opening remarks post-victory, 'And as Chancellor, I will put forward a new charter for budget responsibility, a new fiscal lock guaranteeing in law that any government making permanent and significant tax and spending changes will be subject to an independent forecast from the Office for Budget Responsibility.'

Reeves also criticised previous financial reforms. 'Never again. Never again will we allow a repeat of the devastation that Liz Truss and the Tory party have inflicted upon family finances. Never again will a prime minister or chancellor be allowed to rush through plans that are uncosted, unscrutinised and wholly detached from economic reality,' she said.

Labour Party leader Keir Starmer has been vocal about boosting economic growth and the need for private capital investments. The party has announced reforms in the pensions and savings industry, which could potentially help Britain's businesses. Speculations surround tax reforms. However, analysts at JP Morgan expect the party's policies to be 'neutral' for the sector.

British Pound and Stocks surged on Friday following Labour's victory. But can this growth be sustained as economic realities kick in? Reeves seems confident about the future when she says, 'What people will be asking themselves at the next election is this - are me and my family better off with a Conservative government? And the answer is no.'

Rachel Reeves becomes Britain's first female finance minister after the Labour Party's landslide election victory on Friday. Reeves, born on February 13, 1979, is a former chess champion and an ex-Bank of England economist who joined the party at the age of 16.

Rachel Reeves becomes Britain's first female finance minister after the Labour Party's landslide election victory on Friday. Reeves, born on February 13, 1979, is a former chess champion and an ex-Bank of England economist who joined the party at the age of 16. She became the Labour's finance policy chief in 2021 and then served as the shadow Chancellor of the Exchequer. She has been a member of Parliament for Leeds West from 2010 to 2024. Now, the main question is: what will be her opening 'gambit' in this tricky fiscal situation? The party has promised investments in health and education and also stressed the need to balance the books. Reeves has emphasised the need for fiscal stability amid public debt nearing 100 per cent of GDP, a level not seen since the 1960s. Reeves said in her opening remarks post-victory, 'And as Chancellor, I will put forward a new charter for budget responsibility, a new fiscal lock guaranteeing in law that any government making permanent and significant tax and spending changes will be subject to an independent forecast from the Office for Budget Responsibility.' Reeves also criticised previous financial reforms. 'Never again. Never again will we allow a repeat of the devastation that Liz Truss and the Tory party have inflicted upon family finances. Never again will a prime minister or chancellor be allowed to rush through plans that are uncosted, unscrutinised and wholly detached from economic reality,' she said. Labour Party leader Keir Starmer has been vocal about boosting economic growth and the need for private capital investments. The party has announced reforms in the pensions and savings industry, which could potentially help Britain's businesses. Speculations surround tax reforms. However, analysts at JP Morgan expect the party's policies to be 'neutral' for the sector. British Pound and Stocks surged on Friday following Labour's victory. But can this growth be sustained as economic realities kick in? Reeves seems confident about the future when she says, 'What people will be asking themselves at the next election is this - are me and my family better off with a Conservative government? And the answer is no.'

Rachel Reeves's first 'move': Britain gets its first female Finance Minister

Rachel Reeves, Britain's first woman finance minister, is a former child chess champion and Bank of England economist who has pledged to grow the nation's economy while showing strong fiscal discipline.

Reeves, 45, becomes chancellor of the exchequer after her centre-left Labour party won Thursday's UK general election by a landslide, ending 14 years of rule by the right-wing Conservatives.

"It is the honour of my life to have been appointed chancellor of the exchequer," Reeves wrote on social media platform X after her appointment by new Prime Minister Keir Starmer.

"To every young girl and woman reading this, let today show that there should be no limits on your ambitions."

Labour had put the economy at the heart of its election manifesto, targeting growth and wealth creation as key priorities in government, while its emphasis on the latter is not normally associated with the party's traditionally leftist policies.

"Economic growth was the Labour Party's mission," Reeves added Friday.

"It is now a national mission. Let's get to work," said the married mother of two children.

<h2>'Iron chancellor'</h2>

Reeves recently told company bosses that Labour had become "the natural party of British business", adding that the party would show "iron discipline" over public finances.

The comments drew comparisons with 'Iron Lady' Margaret Thatcher, Britain's first woman prime minister.

Unlike Conservative leader Thatcher, who privatised key sectors after becoming prime minister in 1979, Reeves wants a form of renationalisation, notably for energy, as she takes inspiration from policy enacted by US President Joe Biden.

Labour has pledged to create Great British Energy, a publicly owned company that would spearhead funding, alongside the private sector, for the "green" transition away from fossil fuels.

James Wood, senior teaching associate in political economy at the University of Cambridge, said Labour and Reeves were seeking a "responsible" approach to the public purse.

Also read:&nbsp;<a href="https://www.wionews.com/world/uk-election-2024-record-number-of-indian-origin-mps-elected-as-labour-party-triumphs-over-conservatives-738339">UK election 2024: Record number of Indian-origin MPs elected as Labour party triumphs over Conservatives</a>

"When she talks about being an iron chancellor, I think what she means is: we're going to balance the books and we're going to be responsible -- and we're going to try and get Britain's economy running... in a responsible way," he told AFP.

London-born Reeves tapped into public anger over Sunak's predecessor Liz Truss, whose unfunded 2022 mini-budget crashed the pound and sent mortgage rates soaring, worsening a cost-of-living crisis.

"They want to distance themselves from fiscal irresponsibility, not making big promises about spending that they can't possibly keep," Wood added.

<h2>Banking career</h2>

Reeves, whose parents were teachers, is no stranger to outmanoeuvring opponents.

She became British girls' chess champion aged 14 before studying philosophy, politics and economics at the University of Oxford, which was followed by a Master's degree at the London School of Economics.

After graduating, she worked as an economist for a decade, first at the Bank of England before switching to the private sector.

Also read:&nbsp;<a href="https://www.wionews.com/world/keir-starmers-first-address-new-british-pm-pledges-to-rebuild-britain-brick-by-brick-738290">Keir Starmer’s first address: New British PM pledges to 'rebuild Britain brick by brick'</a>

While working for British retail bank HBOS, the global financial crisis struck in 2008, resulting in her employer receiving a huge bailout, along with other lenders, from Gordon Brown's Labour government.

In 2010, when the Conservatives entered power in a coalition with the Liberal Democrats, Reeves was elected Labour MP for Leeds West in northern England.

Eleven years later, Starmer appointed her as Labour's finance spokesperson. Her sister Ellie Reeves is also a Labour MP.

Rachel Reeves, Britain's first woman finance minister, is a former child chess champion and Bank of England economist who has pledged to grow the nation's economy while showing strong fiscal discipline.

Rachel Reeves, Britain's first woman finance minister, is a former child chess champion and Bank of England economist who has pledged to grow the nation's economy while showing strong fiscal discipline. Reeves, 45, becomes chancellor of the exchequer after her centre-left Labour party won Thursday's UK general election by a landslide, ending 14 years of rule by the right-wing Conservatives. "It is the honour of my life to have been appointed chancellor of the exchequer," Reeves wrote on social media platform X after her appointment by new Prime Minister Keir Starmer. "To every young girl and woman reading this, let today show that there should be no limits on your ambitions." Labour had put the economy at the heart of its election manifesto, targeting growth and wealth creation as key priorities in government, while its emphasis on the latter is not normally associated with the party's traditionally leftist policies. "Economic growth was the Labour Party's mission," Reeves added Friday. "It is now a national mission. Let's get to work," said the married mother of two children. 'Iron chancellor' Reeves recently told company bosses that Labour had become "the natural party of British business", adding that the party would show "iron discipline" over public finances. The comments drew comparisons with 'Iron Lady' Margaret Thatcher, Britain's first woman prime minister. Unlike Conservative leader Thatcher, who privatised key sectors after becoming prime minister in 1979, Reeves wants a form of renationalisation, notably for energy, as she takes inspiration from policy enacted by US President Joe Biden. Labour has pledged to create Great British Energy, a publicly owned company that would spearhead funding, alongside the private sector, for the "green" transition away from fossil fuels. James Wood, senior teaching associate in political economy at the University of Cambridge, said Labour and Reeves were seeking a "responsible" approach to the public purse. Also read: UK election 2024: Record number of Indian-origin MPs elected as Labour party triumphs over Conservatives "When she talks about being an iron chancellor, I think what she means is: we're going to balance the books and we're going to be responsible -- and we're going to try and get Britain's economy running... in a responsible way," he told AFP. London-born Reeves tapped into public anger over Sunak's predecessor Liz Truss, whose unfunded 2022 mini-budget crashed the pound and sent mortgage rates soaring, worsening a cost-of-living crisis. "They want to distance themselves from fiscal irresponsibility, not making big promises about spending that they can't possibly keep," Wood added. Banking career Reeves, whose parents were teachers, is no stranger to outmanoeuvring opponents. She became British girls' chess champion aged 14 before studying philosophy, politics and economics at the University of Oxford, which was followed by a Master's degree at the London School of Economics. After graduating, she worked as an economist for a decade, first at the Bank of England before switching to the private sector. Also read: Keir Starmer’s first address: New British PM pledges to 'rebuild Britain brick by brick' While working for British retail bank HBOS, the global financial crisis struck in 2008, resulting in her employer receiving a huge bailout, along with other lenders, from Gordon Brown's Labour government. In 2010, when the Conservatives entered power in a coalition with the Liberal Democrats, Reeves was elected Labour MP for Leeds West in northern England. Eleven years later, Starmer appointed her as Labour's finance spokesperson. Her sister Ellie Reeves is also a Labour MP.

Meet Rachel Reeves: First woman to become UK's Chancellor of the Exchequer

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