Rachel Reeves, Lead UK Economic Portfolio Lead at EFE

Judith Mora

LONDON, July 5 (Reuters) – Rachel Reeves became the first woman to hold the UK finance portfolio on Friday, following the Labour Party’s election victory on Thursday.

Reeves, 45, is now the “Chancellor of the Exchequer”, responsible for the UK Treasury and has his residence and office at No. 11 Downing Street, London, next to No. 10, where Prime Minister Keir Starmer lives.

Being on the right wing of the party and a supporter of fiscal austerity, this pioneer will try to add her touch to an influential position, previously held by Conservative Prime Minister Rishi Sunak, or from 1997 to 2007 by former Prime Minister Gordon Brown.

modern supply chain economy

On May 24, 2023, Reeves described his principles as “securities economics”: a “modern supply-side economics” inspired by the Joe Biden administration in the United States and based on fiscal discipline.

In a speech in Washington calling for a greater role for government in promoting growth, he said its goal was to “forge a new partnership between an active state and dynamic, open markets.”

His instinct to spend no more than one earns, which he says he learned from his parents, is reflected in Labour’s election manifesto, which promises to attract private investment through better infrastructure and workforce training, without raising headline taxes or increasing debt.

Reeves was born on 13 February 1979 in Lewisham (south-east London) to parents who were teachers and Labour Party supporters, and joined the party at the age of 17. He has a sister, Ellie, who is also a Member of Parliament.

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She quickly demonstrated her passion for mathematics and keen eye for strategy when she became British chess champion at the age of fourteen, a hobby which, she notes, taught her the focus and patience necessary in politics.

Experience proven

He graduated in Philosophy, Politics and Economics from Oxford University, England, and obtained a Master’s degree from the London School of Economics (LSE (LON :)), after which he worked as an economist at the Bank of England in the United Kingdom. The United States Embassy in Washington (USA) and at the Halifax Bank of Scotland.

In 2010, she was elected MP for Leeds West (Northern England), a seat she retained, and in 2021 she was appointed Labour’s economics spokesperson by Starmer, replacing her colleague Anneliese Dodds.

She previously held several positions under Ed Miliband, such as Treasury and Work and Pensions spokesman, and was sidelined from the party when it was led by the more left-wing Jeremy Corbyn, whom she has often criticised.

Reeves is married to Nicholas Joyce, a senior civil servant and former private secretary and speechwriter to Gordon Brown. The couple have two children.

With a loud, deep laugh, her friends say that in addition to being smart and sensible, the new minister is fun outside of work and has a great sense of humor.

He loves Ronnie Scott’s jazz club in London, goes to the Leeds Opera and the pub, and seems to enjoy swimming in wild lakes late at night.

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