Rachel Jane Reeves (born 13 February 1979) is a British politician who has served as Chancellor of the Exchequer since July 2024. A member of the Labour Party, she has been Member of Parliament (MP) for Leeds West and Pudsey, formerly Leeds West, since 2010. She previously held various shadow ministerial and shadow cabinet portfolios between 2010 and 2015 and from 2020 to 2024.
Born in Lewisham, Reeves attended Cator Park School for Girls. She studied PPE at the University of Oxford before obtaining a master's degree in economics from the London School of Economics. She joined the Labour Party at the age of sixteen, and later worked in the Bank of England. After two unsuccessful attempts to be elected to the House of Commons, she was elected as the MP for the seat of Leeds West at the 2010 general election. She endorsed Ed Miliband in the 2010 Labour leadership election and joined his frontbench in October 2010 as Shadow Pensions Minister. She was promoted to the shadow cabinet as Shadow Chief Secretary to the Treasury in 2011, and later became Shadow Secretary of State for Work and Pensions in 2013. She was reelected to Parliament at the 2015 general election, and following Jeremy Corbyn's election as Labour leader the same year, she left the shadow cabinet and returned to the backbenches.
On the backbenches, she served as chair of the Business, Energy and Industrial Strategy Committee from 2017 to 2020. She was reelected in both the 2017 and 2019 general elections. In 2020 she returned to the shadow cabinet as Shadow Chancellor of the Duchy of Lancaster under new leader Keir Starmer. In the May 2021 British shadow cabinet reshuffle, she was promoted to Shadow Chancellor of the Exchequer. As Shadow Chancellor, Reeves campaigned on a platform that advocated modern supply-side economics, an economic policy that focuses on improving economic growth by boosting labour supply and raising productivity, while reducing inequality and environmental damage. She proposed a plan to nationalise the railways.
Following Labour's victory in the 2024 general election and the subsequent formation of the Starmer ministry, Reeves was appointed to the government as Chancellor of the Exchequer, becoming the first woman to hold the office in its over 800-year history. Early into her tenure, she established the National Wealth Fund, scrapped certain winter fuel payments, cancelled several infrastructure projects, and announced numerous public sector pay rises. She presented her first budget in October 2024, where she introduced the largest tax rises at a budget since March 1993.
Reeves cites the influence of her father on her Social democracy politics and those of her sister Ellie Reeves, also a Labour politician. She recalls how, when she was eight years old, her father, Graham, pointed out the then Labour Party leader Neil Kinnock on the television and "told us that was who we voted for". Reeves says she and her sister have "both known we were Labour since then". She joined the Labour Party at the age of sixteen.
She was educated at a comprehensive school, the Cator Park School for Girls in Beckenham.
After sitting A-Levels and achieving four As in politics, economics, mathematics and further mathematics, she studied philosophy, politics and economics at the University of Oxford, where she was an undergraduate student at New College, achieving a Bachelor of Arts degree in June 2000. From 2003 to 2004, she studied for a master's degree in economics at the London School of Economics (LSE), graduating with a merit.
Reeves campaigned for Labour in the 1997 general election.
In February 2025, the BBC reported allegations that while at HBOS, there was an expenses investigation into Reeves and two other senior managers over whistleblower concerns in early 2009 that three managers were using the bank's money to "fund a lifestyle", with alleged inappropriate spending on dinners, events, taxis and gifts, including for each other. The BBC found that the initial part of this investigation, undertaken by Internal Audit, found that the three managers appeared to have broken the rules, and that the whistleblower's allegations were substantiated, although the BBC was unable to determine the final outcome of the investigation, or whether it was concluded. The BBC also reported that Reeves' LinkedIn CV contained an incorrect date of departure from HBOS, and that she had left the bank via voluntary redundancy in May 2009, rather than in December 2009 as previously said.
Reeves has said she was once interviewed for a job at Goldman Sachs but turned it down despite saying that the job could have made her "a lot richer".
Reeves sought nomination for the Leeds West seat at the 2010 general election, seeking to replace John Battle, who had chosen to retire.
Reeves was selected to contest the seat from an all-women shortlist of Labour Party prospective parliamentary candidates. She was elected on 6 May 2010 with a majority of 7,016 – a 5,794 reduction in the majority enjoyed by Battle.
In a series of questions in Parliament, she enquired whether the government would honour promises by the previous government to compensate victims of asbestos diagnosed with Pleural disease, and bring legislation into force making it easier to pursue claims against insurers. A mentor for Reeves was Alistair Darling, who gave her advice on economic policy.
Appointed Shadow Secretary of State for Work and Pensions in 2013, Reeves proposed that anyone unemployed for two years, or one year if under 25 years old, would be required to take a guaranteed job or lose access to benefits. This caused controversy within the Labour Party, and Reeves also stated that Labour would be "tougher" than the Conservative Party in cutting the benefits bill. She caused further controversy in early 2015 by stating "We Labour don't want to be seen as, and we're not, the party to represent those who are out of work".
Reeves was re-elected at the 2015 general election with an increased vote share of 48.0% and an increased majority of 10,727.
Reeves was a close friend of Jo Cox. After her murder in 2016, Reeves paid tribute to her in the house of Commons, ending the tribute by saying "Batley and Spen will go on to elect a new MP, but no-one can replace a mother". The moment Reeves finished, she broke down in tears.
In September 2016, Reeves described her constituency as being "like a tinderbox" that could explode if immigration was not curbed. At the snap 2017 general election, Reeves was again re-elected with an increased vote share of 63.9% and an increased majority of 15,965. She was again re-elected at the 2019 general election, this time with a decreased vote share of 55.1% and a decreased majority of 10,564.
On 12 July 2017, Reeves was elected chair of the Business, Energy and Industrial Strategy Committee, and was reelected in January 2020, serving until her return to the frontbench in April 2020.
In December 2021, Reeves said she would support a 2p cut to the Income Tax basic rate, if the Conservatives proposed that. She opposed the planned 1.2% rise in National Insurance rates. Reeves said Labour planned to replace business rates with a new system that charged shops fairly compared to larger online businesses.
In an interview with the Financial Times, outlining her forthcoming speech in Bury on strengthening the economy, Reeves said a Starmer government would be pro-business and committed to fiscal discipline. She said Britain had seen Japanese-style Lost Decades of growth, which she said the Labour government would reverse through following fiscal rules and eliminating borrowing for day-to-day spending, with no unfunded election spending commitments. This she said would enable government capital spending, above the current 3% of GDP per year limit, to promote growth. Labour would be both pro-worker and pro-business. Reeves did not think Britain would rejoin the European Union or its single market in the next 50 years. She said she was against the return of freedom of movement for workers between the UK and EU. Reeves also said that the falling membership of the Labour Party was a good thing, as it was shedding unwelcome supporters.
In her speech in Bury on 20 January 2022, where she was introduced by MP Christian Wakeford, who had recently defected to Labour from the Conservatives amid the Partygate scandal, she added more detail to her plan:
In April 2022, after MPs agreed to refer the then prime minister, Boris Johnson, to the Commons Privileges Committee to investigate whether he was is in contempt of Parliament for misleading them about the Partygate, Reeves tweeted "Honesty and integrity matter in our politics, and for our democracy. Today the Conservatives failed to stand up for either. Britain deserves better".
In 2023, after the Labour Party dropped its pledge to scrap university tuition fees, Reeves said "the circumstances since Starmer became leader have changed significantly" and blamed the Conservative government's handling of the economy for the policy shift.
Later that month, Reeves was ranked number one in the New Statesman's Left Power List 2023, above Keir Starmer, which described her as "the most influential person on the British left today".
On 31 January 2024, Reeves announced that Labour would not reintroduce a cap on bankers' bonuses, despite having questioned why the cap was being removed by the Conservatives in October 2023. The decision was linked to large inflows of money into the Labour Party from global banks, professional services firms, consultancies and financiers since 2022. The next day, Reeves announced that Labour would not raise corporation tax in the next parliament if it got into power.
On 8 February 2024, Starmer and Reeves announced that the £28 billion per year climate investment policy, seen as Labour's central economic and environmental policy, would be halved with two-thirds of that being existing spending. This reduction of investment was in response to the economic situation with higher interest rates, and to prevent Conservative criticism in the forthcoming general election. Reeves said "We want to bring jobs to Britain, to bring energy bills down, to boost our energy security, and also to decarbonise the economy ... If you don't need to spend £28 billion in doing that, that's great". The home insulation grants part of the policy would be most heavily curtailed, to protect schemes such as a publicly owned Great British Energy clean energy company and a sovereign wealth fund. Later that month, The Telegraph reported that Reeves had accepted a £10,100 donation from Bernard Donoughue, a climate sceptic Labour peer, days before Labour abandoned its flagship £28 billion green energy spending pledge. Lord Donoughue told The Telegraph that the donation was "totally unrelated" to the spending pledge.
Following Labour's landslide victory in the election and the formation of the Starmer ministry, Reeves was appointed to the government as Chancellor of the Exchequer. She became the first woman to hold the office of Chancellor in its over 800-year history. On taking office Reeves stated that since there is "not a huge amount of money" her focus will be on "unlocking" private-sector investment, as she believes "private-sector investment is the lifeblood of a successful economy." She made her first statement as Chancellor two days later, announcing measures to grow the economy. Reeves also announced her first budget would be released on 30 October 2024.On 9 July, Reeves announced that a national wealth fund would be established, with a total funding pot of £7.3 billion. The fund is described by Reeves as "concierge service for investors and businesses that want to invest in Britain, so they know where to go" and aims to attract £3 of private funds for every £1 provided by the public sector. The investments will then be managed by the existing UK Infrastructure Bank, headed by the former HSBC chief executive John Flint, with support from a revamped British Business Bank. The fund will seek to deploy £1.8 billion to ports, £1.5 billion for gigafactories including for electric vehicles, £2.5 billion to clean steel, £1 billion for carbon capture and £500 million to green hydrogen. As such the primary focus will be on green initiatives and traditional manufacturing, with no financial provision for digitisation, innovation or improvement in other sectors. On 14 October, Reeves announced that the UK Infrastructure Bank would become the National Wealth Fund. The rebranded fund received a cash injection of £5.8bn. This was £1.5bn less than the £7.3bn initially planned.
On 29 July, Reeves announced the findings of a spending audit which had been conducted after the 2024 general election, in which she accused the previous Sunak government of hiding a £21.9 billion "black hole" in the public finances. In the spending review, she announced £11.6 billion of public sector pay rises, including a two-year pay deal for junior doctors worth 22% on average to halt strike action. To cover the costs of the black hole, Reeves announced cuts worth £5.5 billion for 2024, rising to £8.1 billion in 2025. Amongst the decisions she announced were the scrapping of Winter Fuel Payments for pensioners who did not receive pension credit or other means-tested benefits, which received widespread criticism. She also cancelled the previous government's plans for the Advanced British Standard, and several planned infrastructure projects. She also confirmed several tax rises, including Labour's manifesto pledge to charge 20% VAT on private school fees which she confirmed would begin in January 2025, and an increase on the windfall tax on the profits of energy and gas companies to begin from November 2024.
On 30 October, Reeves presented her first budget, which was the first Labour budget since 2010 and the first budget in history to be delivered by a woman. In the budget, she announced tax rises worth £40 billion, the biggest tax rise at a budget since 1993. Amongst the measures she announced were an increase in employers' National Insurance to 15% on salaries above £5,000 from April 2025, income tax thresholds to rise in-line with inflation after 2028, changes to farm inheritance tax meaning that the inheritance tax of 20% would effectively apply to rural estates above the value of £1,000,000 from April 2026, and a rise in the single bus fare cap to £3 from January 2025. The OBR forecast that the budget would mean the tax burden would be set to its highest ever level in recorded history. The director of the Institute for Fiscal Studies, Paul Johnson, accused Reeves of further undermining trust in politicians. Reeves later said that it was not a budget she would want to repeat, and accepted that the tax rises would likely hit wage growth for workers. Reeves also said that she was "wrong" during the election about ruling out potential tax rises.
In June 2025, it was revealed that Reeves took £27,000 in donations from an American lobbyist firm owned by KKR, a private equity firm that bid for Thames Water. This paid for campaign staff, and a £13,000 drinks reception after Reeves became Chancellor, while she reportedly pressured the Department for Environment and Rural Affairs not to put any water companies into public ownership.Alexa Phillips, ' Reeves given £27,000 donation from lobbying firm linked to Thames Water bidder' (4 June 2025) inews
In an interview with the Financial Times in May 2023, Reeves said securonomics had to be based on "the rock of fiscal responsibility". She said her proposed £28 billion climate investment plan, Labour's version of the Inflation Reduction Act, had to "fit within her fiscal rules". In June 2023, the investment plan was revised to a gradual roll-out where the annual investment would rise gradually to £28 billion by around 2027. She argued that following the economic impact of the 2021–2023 global energy crisis, food price crisis and the Truss government's "mini-budget", the plan "will only be possible if we have an iron grip on public spending and tax receipts". The New Statesman reported that in an interview Reeves said "a Labour government would not introduce annual wealth and land taxes; raise income tax; equalise capital gains rates and income tax; rejoin the European single market and customs union; change the Bank of England's inflation target and reform its rigid mandate; or take private utilities into public ownership, except for the railways".
Reeves has been supportive of abolishing private schools. She said that independent schools "segregate children based on parental wealth" and "entrench privilege and divide communities". She has also been supportive of Labour Against Private Schools, a campaign group calling for private schools to be integrated into the state sector and previously for Eton College to be abolished, stating that she was "proud to stand" with the group at its launch in July 2019.
Early into her tenure as Chancellor of the Exchequer, Reeves opposed scrapping the two-child benefit cap. Despite pressures from backbench Labour MPs to lift the cap following an SNP motion that predicted scrapping the cap would immediately raise 300,000 children out of poverty, Reeves said that she would not make an "unfunded" pledge. Reeves cited Labour's proposals for the creation of more nurseries and free breakfast clubs at all primary schools as evidence of Labour's commitment to tackling the issue; stating that they would have a "material impact" on child poverty.
Reeves has supported banning transgender women from competing in women's sport and excluding transgender women from using women's spaces. In an interview with The Times in 2022, Reeves stated in regards to transgender rights that "a woman is somebody with a biology that is different from a man's biology." She also rejected using Gender pronouns, arguing that you would not have to say to somebody "shall I call you he or she?", and said that it was "pretty obvious".
Reeves opposed U.S. President Joe Biden's commitment to sending cluster bombs to Ukraine. She said that she was "not convinced" that they were "appropriate" weapons, and also said that it caused her "deep concern" and said that the weapons could have an impact "not just on the battlefield that time, on that day, but for months and years afterwards."
Reeves condemned the 7 October 2023 Hamas attack on Israel and said that Israel had "every right" to defend itself as long as it abided by "international rules of engagement." Reeves said that she had "no time" for pro-Palestinian fringe events being held at the Labour conference. In response to Jeremy Corbyn's comments that to resolve the situation Israel should end its occupation of Palestine, Reeves said that Gaza is not occupied by Israel and said that the "real cause" of what was happening was a "terrorist attack". Reeves additionally said that she wanted to see "a Palestinian state existing alongside a safe and secure Israel" but said that terrorism was "not the way to get there".
In November 2023, Reeves described what was happening to "innocent civilians and particularly babies in that hospital" as "heartbreaking" and said that she was "incredibly concerned" by the scenes that were being seen in Gaza. She urged Israel to "show restraint" and "allow water, medicine, fuel into Gaza and into those hospitals" and called on Rishi Sunak's government and other international allies to "put more pressure on" Benjamin Netanyahu's government to show restraint. She also defended Keir Starmer's refusal to back a ceasefire, saying that a ceasefire was "not something you can dictate" and that it "has to be negotiated."
Reeves supported a people's vote, a proposed second referendum on Brexit, and said that Labour would campaign for remaining in the EU if the second referendum was held. She opposed restrictions on the free movement of labour and said that the country would be "poorer with fewer jobs" outside of the EU, but also said that business could not "carry on as usual" and called for there to be "reform" to the EU. In 2020, as Shadow Chancellor of the Duchy of Lancaster, Reeves said she would "much rather" the country to remain in the EU but said it would not help the country "move on", and confirmed that the Labour party would not rejoin the EU if elected to government.
Reeves has referred to immigration as a leading cause of the country voting to leave in the referendum, saying in an interview with the Financial Times in 2024 that when her constituents voted to leave it was "purely because of immigration".
Reeves has previously called for reducing the economic reliance of the UK with China. She previously said in 2022 that she thinks that the UK is "still too over-reliant on China" and also said that the UK was "overly reliant" on countries that do not share the UK's values for "basic needs". However, she insisted that she meant it "doesn't mean cutting off all links" with China but instead protecting national security as the "first thing" needed to be done. As Chancellor of the Exchequer, Reeves opposed imposing tariffs on China's electric vehicles in the October 2024 budget, stating that she did not want to "close the UK economy down to imports and exports", and also said that the UK does "benefit from trade links around the world, including China".
Reeves' visit to China in the middle of January 2025 aims to strengthen economic ties with Beijing. The focus of the meeting will be on normalising relations with the UK. In December 2024, Reeves mentioned that there is a "pragmatic" relationship with China, stating that they are the fifth-largest trading partner and have invested £32 billion in exports.
Her biography of the Labour politician Alice Bacon, Baroness Bacon (1909–1993), titled Alice in Westminster: The Political Life of Alice Bacon, was published in 2017.Kynaston, David (22 January 2017) Alice in Westminster: The Political Life of Alice Bacon by Rachel Reeves – review in TheGuardian.com. Retrieved 10 October 2018 Bacon was the first and previously only woman to represent a Leeds constituency, having represented Leeds North East and then Leeds South East between 1945 and 1970.
In October 2023, Reeves' book The Women Who Made Modern Economics was published.
The Guardian said the book contained "something much more like the outlines of a coherent political project ... than Labour is sometimes credited with". The Financial Times reported that the book "lifted" content from Wikipedia, The Guardian and other sources, identifying over twenty examples of apparent plagiarism in the book, including entire paragraphs. Reeves told BBC News that some sentences "were not properly referenced" and this would be corrected in future reprints.
On 5 May 2024, it was announced that Reeves would have her name engraved on a new Ribbons metal sculpture in Leeds city centre. Designed by Pippa Hale, the sculpture will celebrate 348 women past and present who have contributed to the city as chosen by the public. Reeves said the sculpture was "a chance to honour inspiring women from all walks of life."
Reeves announced her first pregnancy on 20 September 2012 and gave birth to a daughter, and in 2015 to a son.
She is a practising Christian; during the 2024 election campaign she publicly apologised to her vicar for her recent absence from church, saying "I've been quite busy."
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