Rachel Reeves insists she's 'here for the long haul' after financial market turmoil
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Rachel Reeves has declared she's "here for the long haul" amid a backlash over her handling of recent financial market turmoil. In her first broadcast interview since the economic upheaval began, the Chancellor shrugged off her detractors, stating she was "not going to let them get me down". Despite facing flak for jetting off to China amid soaring government borrowing costs and the pound's decline, Ms Reeves has found some comfort in economic indicators showing an unexpected dip in inflation and a slight growth rebound, albeit a tepid 0.1%.
On the BBC’s Political Thinking podcast, Reeves dismissed any parallels with the brief tenure of Conservative PM Liz Truss, whose mini-budget sent shockwaves through the markets last year, causing mortgage rates to skyrocket. The Chancellor emphasised the weight of her role, saying: "Every decision I make has consequences, but so does the counterfactual.
“If I had made the decision not to address those very real pressures, then this is the consequence: borrowing costs would have gone through the roof. Borrowing costs not just for Government but for families and businesses, like it did when Liz Truss was prime minister.".
When probed about comparisons to Truss, who stepped down after just 49 days, Reeves reiterated: "I’m here for the long haul.". Some news reports have speculated that Sir Keir Starmer might be contemplating a change at the top of the Treasury over her handling of the economy.
Ms Reeves maintained her composure against critiques of her decisions, stating: "Some people don’t want me to succeed. Some people don’t want this Government to succeed. That’s fair enough. That’s the prerogative, but I’m not going to let them get me down.
