Rachel Reeves as UK’s first woman finance minister has pledged to grow the nation’s economy while maintaining strong fiscal discipline.
Rachel Reeves has become the first woman finance minister of UK. The 45-year-old is an economist and has pledged to grow the nation’s economy. Rachel was appointed as the chancellor on Friday after the Keir Starmer-led Labour Party won a majority in Thursday’s general election. She is now in charge of the UK’s Budget. She has achieved a significant milestone in her career and UK’s history.
Reeves wrote on social media platform X after her appointment by new Prime Minister Keir Starmer. She said, “It is the honour of my life to have been appointed chancellor of the exchequer.”
It is the honour of my life to have been appointed Chancellor of the Exchequer.
Economic growth was the Labour Party’s mission. It is now a national mission.
Let’s get to work. pic.twitter.com/PchJFePDJa
— Rachel Reeves (@RachelReevesMP) July 5, 2024
Who is Rachel Reeves?
Born on February 13, 1979 to educationists in London Borough Lewisham, Reeves was always dedicated to comprehensive education and passion for learning. She completed her Bachelor of Arts degree at New College, Oxford and then Master of Science in Economics from the prestigious London School of Economics. After completing her graduation, Reeves worked as an economist for around a decade-first at the Bank of England and then she switched to the private sector. Reeves became Labour’s finance policy chief in 2021, and served as the Shadow Chancellor of the Exchequer under Starmer, then the Leader of the Opposition.
The 45-year-old is also a former chess champion who won several championship titles as a young child. She was always inclined towards democratic politics owing to her father’s influence in childhood. In 2010, when the Conservatives entered power in a coalition with the Liberal Democrats, Reeves was elected Labour MP for Leeds West in northern England. Eleven years later, Starmer appointed her as Labour’s finance spokesperson. Her sister, Ellie Reeves, is also a Labour MP.
Currently, as the UK’s first female Chancellor of the Exchequer, she faces an economy with sluggish growth, high debt, and the highest tax burden in 70 years. Reeves aims to bring stability back to the economy and has ruled out increases in income tax, and corporation tax. Her commitment to responsible fiscal policies reflects her determination to succeed in the world of finance and governance.