Rachel Reeves has used her first Mansion House speech to pledge creation pension “megafunds” that will “power growth” in the economy and reward British savers.
The chancellor has had a busy period, having used her first Budget announce various measures (see section below) and this week facing protests in her own constituency over plans regarding winter fuel payments.
At her first Mansion House address, she said that “red tape” measures brought in since the 2008 financial crisis to “eliminate risk” have had “unintended consequences” in holding back growth.
“While it was right that successive governments made regulatory changes after the global financial crisis to ensure that regulation kept pace with the global economy of the time, it is important that we learn the lessons of the past,” she said.
“These changes have resulted in a system which sought to eliminate risk-taking. That has gone too far and, in places, it has had unintended consequences which we must now address.”
Here is what we know about the serving chancellor.
Who is Rachel Reeves?
Rachel Reeves has served as the Member of Parliament (MP) for Leeds West since 2010 and as the shadow chancellor since May 2021.
She is now the chancellor since Labour won the election.
Below is a detailed overview of her life and career:
Early life and education
Professional career before politics
Before entering politics, Ms Reeves worked as an economist. She began her career at the Bank of England and later worked as an economist at the British Embassy in Washington, DC. She also worked for Halifax Bank of Scotland (HBOS) and in the private sector for the management consulting firm Bank of America Merrill Lynch.
What is Rachel Reeves’s constituency?
Ms Reeves has been MP for Leeds West since 2010.
She first contested for the Labour Party in the 2005 general election in the constituency of Bromley and Chislehurst but was not elected.
Positions held:
Political stance and achievements
Ms Reeves is known for her pragmatic approach to monetary policy, advocating fiscal responsibility while promoting investment in public services and infrastructure.
She has been instrumental in modernising the Labour Party's economic stance, emphasising the need for a strong and responsible fiscal policy to gain public trust.
Ms Reeves has been vocal about the importance of addressing climate change and has supported various social justice initiatives.
Is Rachel Reeves married?
Ms Reeves is married to Nicholas Joicey, a civil servant who has worked in senior positions at the Treasury and the Department for Work and Pensions.
The couple have two children. Ms Reeves’ sister, Ellie Reeves, is the Labour MP for Lewisham West and Penge.
On top of her political career, Ms Reeves is an author and has written books on economic and social history, including a biography of Alice Bacon, the first female MP for Leeds.
She has a keen interest in history and is known to be a fan of cycling and running. Sky News reported that Ms Reeves's competitive streak defines her love of chess, which her father taught her when she was seven, giving her the "chess bug". She later became the British girls' under-14 champion.
What was in the budget?
The budget annouced taxes rises of some £40billion.
A rise in National Insurance contributions and the lowering of the NI threshold will hit businesses, while landlords buying additional homes will have to pay a lot more stamp duty.
However, she also announced that the current freeze on income tax and National Insurance thresholds will not be extended beyond 2027/28, saying it would "hurt working people" to keep thresholds frozen.
