Rachel Reeves, their new Chancellor of the Exchequer, is about to bring down her second Budget, on November 26. This announcement comes at an unprecedented time of historic market volatility. In spite of all this, a recent cabinet reshuffle has shuffled most other ministers around — yet she remains in her place. Reeves made the revelation about the coming fall session when speaking to Channel 4’s Faisal Islam. So this all happened in Birmingham.
Even with all the cabinet turbulence around her, Reeves said she’s sure-footed in her new position as Chancellor. She noted that recent turbulence in bond markets is a return to the global trend. She insisted that all of these changes hardly underscored her paltry lack of leadership. Her experience and insights will be even more essential as the government heads into very complicated waters of today’s economy.
During the public comment period, Reeves toured major cities and small towns, meeting with businesses at every location, hearing valuable testimony, and building essential relationships. With her health woes largely in the rearview mirror, retreats that focused on the stunning Cornish coast provided space for intensive reflection on herself. She went back to London and donned a navy blue suit. Clutching the legendary red Budget box up against the black railings of Downing Street, she underlined her determination to rise to the occasion.
Reeves noted with satisfaction that the market crashed in response to her Commons statement last summer. This response implied that increased borrowing costs were attributable to speculation about her eventual departure from office. Lastly, she warned that even serious economists are failing to recognize issues specific to the UK and the IMF. Instead, they focus on higher level economic metrics that affect every country.
On every stop on her recent tour, Reeves met and talked with at least one or two current bricklaying apprentices. She underlined resolute her priorities are focusing on easing housing stock across the UK. She stated,
“We need you to get qualified and get more flats and houses up.” – Rachel Reeves
She wants to make housing the central theme of her first Budget speech. This speech will be in tandem with her keynote at the TUC’s Solidarity Conference in Liverpool.
The government is making preparations for the presentation of the Budget. In the meantime, Reeves looks forward to key independent evaluations that are expected in the closing days of this month. This independent judgment will be critical in determining how deeply her economic policies will be rooted in the months and years ahead.
Reeves pointed out that she’s had these same conversations with previous Chancellors, such as Kwasi Kwarteng. First, she launched initiatives encouraging collaboration and sharing of insights among her predecessors. Her optimism on the pace of economic recovery is getting more popular. Positive market reactions to these announcements reported at the end of last week indicate growing momentum in this direction.