Rachel Reeves, the UK’s first female chancellor, is often described as “serious” and “determined.” However, those close to her reveal a more vibrant side, highlighting her “loud laugh” and deep love of Beyoncé tracks.
Early Life and Education
Born in south-east London in 1979, Reeves grew up during Margaret Thatcher’s tenure as prime minister. Her parents, both teachers, instilled a sense of financial prudence in her. Reeves recalls her mother meticulously managing bank statements at the kitchen table, shaping her attitude towards money: “We weren’t poor, but we didn’t have money to waste.”
Her parents’ separation during her primary school years led to her and her sister Ellie, also a Labour MP, splitting time between homes. Summers spent with their grandparents in Kettering taught Rachel the value of saving; while Ellie spent her pocket money on immediate treats, Rachel saved hers for future indulgences.
Reeves’ early interest in chess, sparked by her father, saw her become a national champion in secondary school, “quietly thrashing” any boys who underestimated her. At Beckenham’s Cator Park School for Girls, she excelled in music, taking her GCSE a year early, and became politically active at 17, joining the Labour Party due to her firsthand experience of educational cuts.
Reeves studied Philosophy, Politics, and Economics at Oxford University, where she was known for hosting friends to the tunes of Destiny’s Child before college discos.
Professional and Political Career
Post-graduation, Reeves worked as an economist at the Bank of England and later at the Halifax Bank of Scotland. She met her future husband, Nicholas Joicey, during a secondment to the UK’s embassy in Washington DC. Joicey, a former film critic and Gordon Brown’s speechwriter, shares two children with Reeves.
Despite initial setbacks in her political career, including two failed campaigns in Bromley and Chislehurst, Reeves was elected MP for Leeds West in 2010. She quickly rose through Labour’s ranks, gaining key shadow roles. Colleagues describe her as meticulously prepared: “I have never, ever, ever, seen her unprepared.”
Her commitment to financial prudence aligns her with Gordon Brown’s approach before Labour’s 1997 election win. This pragmatism guided her economic policy proposals, including a National Wealth Fund aimed at fostering private investment in green sectors.
Controversies and Challenges
Reeves’ Westminster tenure hasn’t been without controversy. Criticized for only offering students expenses instead of full salaries, she also faced opposition within her party under Jeremy Corbyn’s leadership, leading to her temporary backbench role. The former BBC Newsnight editor publicly apologized after accidentally calling her “boring snoring.”
Despite these challenges, Reeves’ focus remains on presenting Labour as a reliable economic steward. She acknowledges the party will inherit a difficult economic situation, pledging adherence to fiscal rules to manage debt and borrowing.
Personal Life and Interests
Outside politics, Reeves’ interests include chess and music. She shares a close relationship with her sister Ellie, and their family ties have remained strong through their respective careers in public service.
Future Outlook
As Chancellor, Rachel Reeves faces significant challenges but aims to apply her blend of economic pragmatism and dedication to her new role. Her ability to balance her “no waste” values with the practical demands of her position will be crucial in navigating the complex economic landscape ahead.
