Britain’s new Prime Minister Keir Starmer on Friday appointed Rachel Reeves as finance minister, the first woman to hold the position in the country’s history, following Labour’s landslide election victory.Reeves, 45, becomes chancellor of the exchequer after her centre-left Labour party won Thursday’s UK general election by a landslide, ending 14 years of rule by the right-wing Conservatives.
Labour had put the economy at the heart of its election manifesto, targeting growth and wealth creation as key priorities in government, while its emphasis on the latter is not normally associated with the party’s traditionally leftist policies.Rachel Reeves recently told company bosses that Labour had become “the natural party of British business”, adding that the party would show “iron discipline” over public finances.
James Wood, senior teaching associate in political economy at the University of Cambridge, said Labour and Reeves were seeking a “responsible” approach to the public purse. “They want to distance themselves from fiscal irresponsibility, not making big promises about spending that they can’t possibly keep,” Wood added.Rachel Reeves, whose parents were teachers, is no stranger to outmanoeuvring opponents.