Chancellorship of Rachel Reeves

Rachel Reeves became Chancellor of the Exchequer on 5 July 2024, upon her appointment by Prime Minister Keir Starmer, following Labour's victory in the 2024 general election. She succeeded Conservative chancellor Jeremy Hunt, and became the first woman to hold the office of Chancellor in its 708-year history.

In this role Reeves has adhered to "modern supply-side economics", an economic policy that focuses on infrastructure, education and labour supply by rejecting tax cuts and deregulation. It is heavily inspired by Joe Biden's economic policy, particularly his Inflation Reduction Act. She coined the term securonomics in 2023 to refer to her version of this economic policy. Early into her tenure, Reeves established the National Wealth Fund, scrapped certain winter fuel payments, cancelled several infrastructure projects, and announced numerous public sector pay rises. She presented her first budget in October 2024, where she introduced the largest tax rises at a budget since March 1993. She presented her second budget in November 2025, where she introduced further tax rises.

Reeves has proven unpopular with the British public. Her approval ratings have seen a notable decline from late 2024 through the end of 2025. Her unfavorable rating rose 12 points to 37% by August 2024, primarily driven by negative impressions among non-Labour voters. This downward trend accelerated throughout 2025. By December, following her second budget, her net favourability had plummeted to -59, with 71% of Britons viewing her unfavourably—the lowest recorded for any chancellor in the nine-year history of their tracker. Sentiment among her own base also shifted significantly; while Labour voters were divided at the start of 2024, by late 2025, 56% viewed her negatively compared to 27% favourably. While Reeves remains focused on her fiscal rules to stabilize the economy, public criticism continues to center on tax increases and economic performance.