Rachel Reeves has become the first female Chancellor in British history as new Prime Minister Keir Starmer appointed his first Cabinet.
Reeves, who will be moving into 11 Downing Street, entered parliament in 2010 and was named shadow Chancellor back in 2021. She had previously worked as an economist at the Bank of England.
Starmer has said growth will be an “obsession” for the new government and Reeves will be tasked with making the UK the fastest growing economy in the G7.
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Will it work? Securonomics
Reeves coined the term ‘securonomics’ to describe her policy platform, which includes plans to boost the labour supply, invest in infrastructure and develop an industrial strategy to work in partnership with business.
Critics of the term suggest ‘securonomics‘ is simply a replica of Joe Biden’s economic agenda but without the cash.
“There’s not a huge amount of money there,” Reeves told the BBC earlier today. “I know the scale of the challenge I inherit.”
Deputy Prime Minister and Secretary of State for Levelling Up, Housing, and Communities, Angela Rayner arrives at 10 Downing Street,. Photo credit should read: Lucy North/PA Wire
With Reeves inheriting a difficult fiscal position, she has stressed the importance of attracting private sector investment. “Private-sector investment is the lifeblood of a successful economy. We need to unlock private-sector investment,” she said.
Elsewhere in the cabinet, Angela Rayner was named secretary of state for levelling up, housing and communities and will also serve as deputy Prime Minister.
Although the appointments have not yet been confirmed, David Lammy is expected to be foreign secretary, Yvette Cooper home secretary and Wes Streeting the health secretary. Jonathan Reynolds will likely be the business secretary.
The appointments come after Labour secured a landslide majority in the general election, winning 412 seats to the Conservatives’ 121.
Speaking on the steps of Downing Street, Starmer promised a “government of service” which would help address the challenges the country faces.
“Changing a country is not like flicking a switch. The world is now a more volatile place. This will take a while, but have no doubt that the work of change begins immediately,” he said.