Rachel Reeves

Reeves left her position as Chancellor of the Exchequer on 20 July 2026, when Andy Burnham became Prime Minister. She stated that she supported the new government and remained Labour MP for Leeds West and Pudsey.

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Reeves's LinkedIn profile stated that she had worked at the Bank of England until December 2006, although she had left in March 2006. The controversy added to earlier criticism concerning the description of her role at HBOS and references to nearly a decade at the Bank.

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Journalistic investigations reported that an internal complaint at HBOS had prompted scrutiny of expenses claimed by Reeves and two managers, particularly taxis and gifts. Documents suggested an unfinished inquiry, but no final finding of misconduct has been identified.

Reeves faced criticism after accepting free tickets to attend a Sabrina Carpenter concert with a family member. Amid budget cuts and criticism of gifts accepted by ministers, she announced that she would pay for her own concert tickets in future.

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In the Spring Statement, the OBR reduced its 2025 growth forecast from 2% to 1%. Reeves confirmed a package of welfare cuts estimated at £4.8 billion, alongside tighter public spending, to restore the headroom required under her fiscal rules.

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Proposals to tighten access to Personal Independence Payment and reduce elements of Universal Credit triggered a rebellion by approximately one hundred Labour MPs and opposition within Reeves's own constituency. In June, she refused to abandon the principle of the reforms while opening the door to adjustments.

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After months of opposition and electoral setbacks, the government restored the Winter Fuel Payment for approximately nine million pensioners, except those with incomes above £35 000. The decision was widely described as a U-turn on one of Reeves's flagship measures.

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Reeves acknowledged having let her south London house without the £945 selective licence required by Southwark. She informed the Prime Minister, the independent adviser and the Parliamentary Commissioner, apologised and immediately applied for the licence.

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Reeves's 2025 Budget provided for approximately £26.1 billion in additional annual tax increases and raised the projected tax-to-GDP ratio to 38.3%, a level Reuters described as a post-war high. Measures included a prolonged freeze on tax thresholds, increases in taxes on dividends and property income, and a mileage-based tax for electric vehicles.

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Amid the controversy over gifts and clothing received by Labour leaders, Reeves confirmed that a friend, Juliet Rosenfeld, had given her £7 500 while she was Shadow Chancellor to fund clothing for the campaign and major events. The episode fuelled criticism of privileges enjoyed by political leaders.

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Shortly after taking office at the Treasury, Reeves restricted the Winter Fuel Payment to the least well-off pensioners as part of a plan presented as necessary to address a £22 billion budget shortfall. MPs, charities and Labour ministers warned of severe hardship for millions of older people.

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Reeves's first Budget announced approximately £40 billion in tax increases to finance public services and stabilise public finances. The scale of the measures provoked considerable economic and political controversy, with several critics seeing a greater shift towards taxation than had been presented during the campaign.

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The Budget raised the rate of employers' National Insurance by 1.2 percentage points and reduced the contribution threshold from £9 100 to £5 000. Businesses warned that the measure would reduce recruitment and wage increases, while opponents and the IFS director argued that it contradicted the election pledge not to increase National Insurance.

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The Budget amended inheritance tax relief for agricultural assets, introducing a 20% rate above certain thresholds from 2026. Thousands of farmers and hundreds of tractors demonstrated in London, arguing that the reform threatened the succession of family farms and food security.

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The Financial Times identified more than twenty passages in The Women Who Made Modern Economics reproducing wording from Wikipedia, the Guardian, blogs and other sources without adequate attribution. Reeves acknowledged referencing errors and her publisher announced corrections.

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During the campaign preceding the 2015 election, Reeves stated that Labour was not "the party of people on benefits" and was not there to represent those who were out of work. The comments provoked a strong reaction, including on the left, because many benefit recipients are employed.

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Reeves announced that Labour wanted to restrict EU migrants' access to tax credits and extend to two years the waiting period for certain out-of-work benefits, amid intense political competition over immigration.

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Newly appointed Shadow Work and Pensions Secretary Rachel Reeves stated that Labour would be "tougher" than the Conservatives in reducing the welfare bill. She advocated a scheme requiring long-term unemployed people to accept a guaranteed job or lose their benefits, prompting strong criticism from trade unions.

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