Rachel Reeves

Rachel Reeves previously served as the Chancellor of the Exchequer before Andy Burnham became Prime Minister and appointed John Healey to the role in July. She is now out of the government. Recent news articles focus on the current Chancellor, John Healey, and the challenges he faces in his upcoming budget. These challenges include global economic pressures, such as the Middle East conflict impacting energy costs and causing a global bond sell-off, which has driven up UK borrowing costs. Healey has indicated a tough budget is expected. There are also discussions around "hidden taxes" on energy bills, potential tax hikes on banks, and the funding of increased defence spending, with a thinktank suggesting middle earners might face tax rises. Healey's budget is expected to delay decisions on meeting the 3% defence spending target.