Home News Who is Rachel Reeves, the woman who runs the UK economy?

Who is Rachel Reeves, the woman who runs the UK economy?

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On Friday, Rachel Reeves became the UK’s first female chancellor of the exchequer, taking on a role as one of the four major secretaries of state responsible for managing the UK’s budget.

After fifteen years of economic stagnationReeves, a Labour MP with a reputation as a no-nonsense, steady manager, faces the daunting task of boosting Britain’s productivity growth – a key measure of prosperity – and reviving its ailing public services.

“I knew how big the challenge was that I might inherit,” Ms. Reeves said. Tell the BBC “There’s not a ton of money out there,” she said earlier on Friday, adding that the party needed to unlock private investment.

Ms. Reeves is expected to approach her new role with caution.

“Labor has made great strides in regaining people’s trust in its economic record and she doesn’t want to risk that,” said Carice Roberts, director of the Institute for Public Policy Studies.

The Labour Party, for example, has shifted in recent years toward more centrist policies, emulating former leader Jeremy Corbyn’s left-wing agenda of increasing spending and broad Nationalization of industry.

Ms. Reeves, 45, was elected to parliament for the northern city of Leeds in 2010. To prove her credibility, she often points to her traditional training as an economist, during which she worked at the Bank of England for six years after university.

She stressed that her goal was to achieve stability after a period of international and domestic economic shocks, including a surge in energy prices and the premiership of Liz Truss, who lasted just 49 days. Her tax cut proposal Financial markets are turbulent.

Reeves calls her economic agenda “security economics,” a bland-sounding portmanteau that reflects her already earnest reputation. Tell the Guardian If you want the “wheel” to turn to someone else.

She described “security economics” as keeping Britain economically secure while ensuring the financial security of working people in a divided world – a policy inspired by that of US Treasury Secretary Janet Yellen.

But the call for stability also suggests that Britons should not expect rapid or drastic changes in the way the economy is handled.

With high debt levels and relatively high taxes, Ms Reeves has vowed not to raise corporate, personal income or VAT taxes and to adhere to strict debt rules. Given those limits, she hopes stabilisation will bring much-needed economic growth.

In practice, this is expected to mean giving more powers to bodies such as the Office for Budget Responsibility, the fiscal watchdog, and working more closely with businesses to encourage them to increase private investment.

“Labor has high hopes for economic growth, including relying on it to enable them to spend more on services,” Ms Roberts said.

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