As the markets continue to get rocked by yet more turmoil, GB News asks its members if Rachel Reeves will remain Chancellor at the 2029 General Election.
Sir Keir Starmer appeared to flip-flop on whether Reeves would remain in No11 for the duration of Labour’s latest stint in power.
Speaking to journalists yesterday, the Prime Minister reviews to be drawn on whether Reeves would be kept in the Treasury.
Asked to give a yes or no answer on whether or not the Chancellor will still be in post at the next election, Starmer said the UK will “stick to the fiscal rules”, claiming: “I’m confident in our mission for growth, and I’m confident, completely confident, in my team.”
He added: “We never pretended, nor would anybody sensibly argue, that after 14 years of failure, you can turn around our economy and our public services before Christmas.”
Pressed for a second time on whether or not Reeves would still be in post, the Prime Minister said: “Rachel Reeves is doing a fantastic job. She has my full confidence. She has the full confidence of the entire party.”
Downing Street was forced to clarify that Reeves will be the chancellor “for the whole of this Parliament”, following similar backing given to Foreign Secretary David Lammy.
Speculation about Reeves’s future comes as the economy faces a series of challenges following the Chancellor’s maiden Budget.
Do you think Rachel Reeves will still be Chancellor at the next election?
PA
The pound fell to a fresh 14-month low on Monday, slumping another 0.6 per cent to $1.21 after last week hitting its lowest level against the dollar since November 2023.
UK government bonds – also known as gilts – continued to see 10-year yields hit fresh highs not seen since 2008, at 4.9 per cent.
Reeves faced scrutiny after opting to jet off for a trade visit to China rather than address the problems at home.
Starmer’s critics also jumped on his non-commital stance on Reeves’s future.
Deputy Reform UK leader Richard Tice said: “Keir Starmer may now try and distance himself from Rachel Reeves but the reality is, this is his economic agenda and this his choice for Chancellor.
“The fact is that Labour have no plan for growth, no plan for jobs and simply no plan at all for the economy.”
Shadow Financial Secretary Gareth Davies added: “Labour are trying to insist that everything is fine, but the fact that Keir Starmer has repeatedly refused to say whether Rachel Reeves will remain as Chancellor speaks volumes.
“The Prime Minister is looking for a scapegoat but this crisis was made in Downing Street by Rachel Reeves.
Richard Tice
GB NEWS
“The markets and businesses are watching, Labour promised stability and confidence but they have lost control. They must take action to reverse before this gets worse for families.”
A Labour MP also suggested Starmer should consider sacking Reeves if has not stabilised the economy by the spending review in the summer.
Speaking to The Telegraph, the backbencher said that “questions are going to start to be asked” about the Chancellor’s future if she does not demonstrate that she has the “capabilities to take our country forward” in the coming months.
They added: “If by June we do not see the kind of economic decisions being made which are believed to be able to drive our country forward, stabilise our economy and to protect our public services… then I think people will want greater scrutiny over whether or not she has got the capability to be able to secure our economy for the longer term.”
Do you think Rachel Reeves will still be Chancellor at the next election? Vote in our poll and have your say in the comments section below.
