Rachel Reeves, the UK’s first female Chancellor of the Exchequer, assumed her role following Labour’s victory in the July 2024 General Election. Her appointment marked a significant milestone in British politics and brought with it the immense challenge of navigating a complex economic landscape. Prior to becoming Chancellor, Reeves served as Shadow Chancellor under Keir Starmer, solidifying her expertise in economic policy and establishing her as a prominent figure within the Labour Party. Her ascent to this crucial position was marked by a steady and strategic political career, beginning with her election to Parliament in 2010 representing Leeds West.
Reeves’s early career showcased her aptitude for economic matters. After graduating from Oxford with a degree in Philosophy, Politics, and Economics, and completing a master’s degree at the London School of Economics, she joined the Bank of England’s graduate scheme. This experience provided her with invaluable insights into the workings of the financial system, further enhanced by her subsequent work analyzing the US economy at the British Embassy in Washington and her tenure at HBOS during the tumultuous period of the 2008 financial crash. These experiences shaped her understanding of economic challenges and informed her approach to policy-making.
Her political journey began in earnest with her election to Parliament at the age of 31. Her rapid rise within the Labour Party was evident in her appointment as Shadow Chief Secretary to the Treasury just 18 months after entering the House of Commons. This appointment signaled her growing influence within the party and her expertise in fiscal matters. She later served as Shadow Work and Pensions Secretary under Ed Miliband, further broadening her policy portfolio. While she spent the years of Jeremy Corbyn’s leadership on the backbenches, she remained active as the chairwoman of the Business and Trade Select Committee, continuing to engage with critical economic issues.
Reeves’s return to the shadow cabinet in 2020 under Keir Starmer marked a pivotal moment in her political career. She initially served as Shadow Chancellor of the Duchy of Lancaster, facing off against Michael Gove, before assuming the crucial role of Shadow Chancellor in May 2021. In this position, she adopted a pragmatic and measured approach, focusing on rebuilding relationships with business leaders while simultaneously critiquing the economic policies of the Conservative government, including Liz Truss’s controversial mini-budget.
Upon becoming Chancellor, Reeves immediately faced the daunting task of addressing a significant financial gap in the nation’s budget. Her first budget announcement included substantial tax increases totaling £40 billion, a move aimed at stabilizing the economy and preventing a return to austerity measures. This bold decision underscored her commitment to fiscal responsibility and her willingness to make difficult choices in the face of economic challenges. One of her early decisions as Chancellor involved the controversial move to scrap the winter fuel allowance for pensioners not receiving specific benefits, impacting over nine million pensioners and sparking debate about the balance between fiscal prudence and social welfare.
Beyond her professional life, Reeves’s personal background reveals a strong connection to the Labour Party and a commitment to public service. She and her younger sister, Ellie Reeves, a Labour MP representing Lewisham West and East Dulwich, joined the party and began campaigning together. Both sisters also attended Oxford University, demonstrating a shared commitment to education and intellectual pursuits. Rachel Reeves is married to Nicholas Joicey, a senior civil servant with a long and distinguished career in government, and they have two children. While media reports often refer to Reeves as a chess champion during her school years, this claim has been contested, underscoring the importance of accurate reporting and fact-checking when discussing public figures.
