Rachel Reeves is a British politician and economist. She is best known as the Shadow Chancellor of the Exchequer for the Labour Party since 2021. She is a member of the Labour Party. Following Keir Starmer's leadership win in 2020, she took on the roles of Shadow Chancellor of the Duchy of Lancaster and Shadow Minister for the Cabinet Office, shadowing Michael Gove. In 2023, she introduced "securonomics" to describe her unique economic policy approach. As of October 2023, Rachel Reeves is under pressure to drop Labour’s blanket opposition to higher taxes on wealth, amid growing alarm within the party over extreme levels of inequality and the battered state of Britain’s public finances.
Rachel Reeves, a British politician and economist, is the Labour Party's Shadow Chancellor of the Exchequer since 2021. Elected as MP for Leeds West in 2010, she held significant positions in Ed Miliband's Shadow Cabinet. In 2020, she became Shadow Chancellor of the Duchy of Lancaster and Shadow Minister for the Cabinet Office, under Keir Starmer's leadership.
Rachel Reeves was born on February 13, 1979, in Lewisham, London, UK with the birth name of Rachel Jane Reeves. She holds British nationality and identifies as British-White ethnicity. She hails from a family of educators, with both her parents, Graham and Sally Reeves, working as teachers. Rachel's younger sister, Ellie, is also a prominent figure in British politics, serving as the Labour MP for Lewisham West and Penge. She attributes her socially democratic political views to her father, who, when she was just eight years old, pointed out then-Labour Party leader Neil Kinnock on TV and told her and her sister that he was the one they should support, instilling a lifelong affiliation with the Labour Party. She officially joined the Labour Party at the age of sixteen.
Her educational journey began at Cator Park School for Girls in Bromley. After completing her A-Levels in Politics, Economics, Mathematics, and Further Mathematics, she pursued a degree in Philosophy, Politics, and Economics at New College, Oxford, earning a 2.1. Following her undergraduate studies, she obtained an MSc in Economics from the London School of Economics. Reeves then embarked on a career as an economist, working at both the Bank of England and the British Embassy in Washington, D.C., from 2000 to 2006.
In her political career journey, Rachel Reeves faced a series of electoral challenges before securing her seat in Parliament. She initially stood as the Labour Party candidate in the 2005 general election in the Conservative stronghold of Bromley and Chislehurst, finishing second and witnessing a substantial drop in Labour support. Her determination persisted, and she later sought nomination for the Leeds West constituency in the 2010 general election, succeeding John Battle. Reeves, elected with a reduced majority, used her maiden speech to pledge her commitment to the victims of the Armley asbestos disaster.
Over the years, she moved up the political ladder within the Labour Party, becoming the Shadow Secretary of State for Work and Pensions and controversially advocating for stricter benefit regulations. Amidst changing leadership within the Labour Party, Reeves took on the role of Shadow Chancellor of the Duchy of Lancaster in 2020, overseeing Labour's response to Brexit and shadowing Michael Gove.
In May 2021, Reeves assumed the role of Shadow Chancellor of the Exchequer, replacing Anneliese Dodds. She advocated for a 2p cut to the Income Tax basic rate and opposed the planned 1.2% rise in National Insurance rates, while also proposing the replacement of business rates with a new system favoring small shops over larger online businesses. In her vision for the economy, Reeves outlined a pro-business and fiscally disciplined approach, aiming to reverse the economic stagnation she likened to Japan's "Lost Decades."
She emphasized that Labour would be both pro-worker and pro-business and expressed skepticism about the UK rejoining the EU or its single market. Reeves revealed her securonomics economic policy, focused on infrastructure, education, and labor supply, influenced by Joe Biden's Inflation Reduction Act and prioritizing security. She emphasized fiscal responsibility and the need for prudent public spending, along with gradually rolling out a £28 billion climate investment plan. In June 2023, she clarified that Labour would not introduce various taxes, change the Bank of England's inflation target, or pursue major nationalizations.
Rachel Reeves added her voice to a long tradition of political commentary by authors with titles echoing their predecessors. In the run-up to the 2010 general election, she authored the updated edition of "Why Vote Labour?"—following in the footsteps of Roy Jenkins in 1959 and Tony Wright in 1997—as part of a series presenting the case for each of the main political parties.
In 2017, she published a biography, "Alice in Westminster: The Political Life of Alice Bacon," dedicated to Alice Bacon, Baroness Bacon, the first woman to represent a Leeds constituency, illuminating her remarkable political journey from Leeds North East to Leeds South East between 1945 and 1970. Beyond her books, Reeves is a regular contributor to various platforms, including The Guardian newspaper, as well as websites like LabourList and Progress.
Rachel Reeves, a prominent politician and economist, is estimated to possess a net worth of approximately $5 million as of 2023. Her primary source of income stems from her successful political career, with an annual earning that surpasses $1.2 million. This financial success has enabled her to enjoy a luxurious lifestyle and indulge in upscale travel experiences. Recognized as one of the wealthiest and most influential politicians in the United Kingdom, her substantial earnings afford her an opulent way of life.
Rachel Reeves is a happily married woman. She tied the knot to her husband, Nicholas Joicey. Nicholas is a civil servant and a former private secretary and speechwriter for Gordon Brown. They have two children, a daughter born in 2012, and a son in 2015. The family splits their time between homes in Leeds (Bramley) and London, and they are leading a contented and fulfilled life together.
Rachel Reeves has established herself as an influential figure within the Labour Party, being a devoted member of the political organization. Her political journey has been marked by her tenure as the Member of Parliament for Leeds West since 2010, where she has consistently advocated for her constituents and worked towards her party's goals and policies.
As a member of the Labour Party, Reeves has taken on various roles and responsibilities, including positions in Ed Miliband's Shadow Cabinet, such as Shadow Chief Secretary to the Treasury and Shadow Secretary of State for Work and Pensions, before later serving as Shadow Chancellor of the Exchequer.
Rachel Reeves assumed a pivotal role when she was promoted to the position of Shadow Chancellor of the Exchequer on May 9, 2021. This reshuffle marked a substantial change in the party's economic leadership, as Reeves stepped into this key role, replacing Anneliese Dodds. Her appointment to this vital position underscored her prominence within the party and her capacity to shape economic policy and strategies.
As the Shadow Chancellor of the Exchequer, Reeves would play a critical role in scrutinizing and responding to government financial decisions and policies, making her a key figure in shaping the Labour Party's approach to economic matters and fiscal responsibility.
In 2023, Rachel Reeves introduced the term "securonomics" to describe her distinctive economic policy. Heavily influenced by US President Joe Biden's economic strategy, particularly the Inflation Reduction Act, "securonomics" reflects her belief that globalization has fallen short of its intended objectives, necessitating Western economies to adapt.
Emphasizing fiscal responsibility as the linchpin, Reeves contends that her proposed £28 billion climate investment plan, akin to the Inflation Reduction Act, must adhere to stringent fiscal rules while accommodating the economic impact of global energy crises and food price fluctuations. "Securonomics" encapsulates her vision for a more security-oriented economic policy, underpinned by responsible fiscal management.
Rachel's younger sister, Ellie, also pursued a career in politics, currently serving as the Labour MP for Lewisham West and Penge since 2017. A dedicated member of the Labour Party, Ellie has held various key positions within the party, including serving as the Shadow Solicitor General for England and Wales from April 2020 to December 2021, and more recently as the Shadow Minister for Prisons and Probation from 2021 to 2023. Notably, she assumed the role of Labour Party Deputy National Campaign Coordinator in 2023.
Rachel Reeves holds the position of vice-chair within Labour Friends of Israel, underscoring her involvement in issues related to Israel and the Middle East. Her commitment to this cause is further exemplified by her contribution of a chapter to a book addressing Israeli politics and society. Additionally, Reeves actively supports the Auschwitz-Birkenau Foundation, reflecting her dedication to Holocaust remembrance and the preservation of historical memory.