Financial experts have come out saying that Rachel from accounts is the “wort Chancellor for 50-years” and claim she will not make it to the “Downing Street Christmas party.”
The UK financial markets are in a desperate state and borrowing costs have soared to a 27-year high since Rachel Reeves entered No11 Downing Street.
The Chancellor has set the date for the Autumn Budget as 26 November and she has admitted “there’s more to do.”
On Monday the UK’s gilt yields hit 5.7% which is far higher than when Liz Truss was Prime Minister, forcing her to row back on her tax cuts, which then saw her demise.
On Tuesday the pound plummeted by more than 1% against the US dollar as the financial markets expressed their uncertainty over the Chancellor.
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Tony Redondo, founder at Newquay-based Cosmos Currency Exchange said, “Reeves is the worst Chancellor since Denis Healey, steering the UK toward fiscal delinquency.
“Paradoxically, her departure would likely trigger something worse, guaranteeing a historic debt crisis. Changing the Chancellor now would undermine market confidence by signalling policy chaos. Markets punish uncertainty more than consistency, even when disagreeing with direction.”
He added, “The question isn’t whether Reeves should go, but whether the government can restore fiscal credibility fast enough to prevent a deeper crisis—far more damaging than leadership change.”
Samuel Mather-Holgate, Independent Financial Adviser at Mather and Murray Financial warned, “This is the last chance saloon for Reeves, and the PM knows it.
“That’s why he has surrounded himself with economic advisers, in case the markets turn against Reeves after the Budget.
“They have so far supported her as Chancellor, occasionally keeping her in check, but it is proving to be a tightrope between keeping the financial markets and the electorate happy, and I fear it’s one she cannot win.”
Riz Malik, director at R3 Wealth said, “There is a reason I’m not a brain surgeon and that is because I am not suitably qualified.
“The fact our current Chancellor has lasted so long is already surprising especially with her CV revisions.
“However, going before the budget would be a big mistake when we are already in a very fragile position. Will she make the Downing Street Christmas party? That’s another question.”
The Prime Minister’s spokesman said that Labour has made decisions “to stabilise Britain’s finances and kickstart economic growth.”
Reeves took to X and wrote, “Britain’s economy isn’t broken. But I know it’s not working well enough for working people.
“Bills are high. Getting ahead feels tougher. You put more in, get less out. That has to change.
“We’ve got huge potential – world-leading brands, dynamic industries, brilliant universities, and a skilled workforce. We’re a global hub for trade.
“Fixing the foundations has been my mission this past year. We raised the minimum wage for three million people; cut NHS waiting lists; started tearing up planning rules to build 1.5 million new homes; promised billions more for the country’s infrastructure; secured trade deals with the US, India, and the EU; and changed Treasury rules so investment reaches every part of the country.
“But I’m not satisfied. There’s more to do. Cost of living pressures are still real.
“And we must bring inflation and borrowing costs down by keeping a tight grip on day-to-day spending through our non-negotiable fiscal rules. It’s only by doing this can we afford to do the things we want to do.
“If renewal is our mission and growth is our challenge. Investment and reform are our tools. The tools to building an economy that works for you – and rewards you. More pounds in your pocket. An NHS there when you need it. Opportunity for all.
“Those are my priorities. The priorities of the British people. And it is what I am determined to deliver.”
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