Britain s Chancellor of the Exchequer Rachel Reeves delivers a speech in the media briefing room of 9 Downing Street, London, Tuesday Nov. 4, 2025. (Justin Tallis/Pool Photo via AP)Rachel Reeves has suggested Britain’s economy would go into meltdown if she was forced to resign for breaking Labour’s election promises.The chancellor insisted she was “trusted with the public finances” despite planning to increase income tax in the Budget – despite repeatedly promising not to do so.In a highly-unusual pre-Budget speech on Tuesday, Reeves said “each of us must do our bit” as she struggles to fill a £30 billion black hole in the public finances.On LBC, she was asked by Andrew Marr if she would resign if she has to rip up Labour’s manifesto pledge not to hike income tax, VAT or National Insurance.Reeves said: “And what do you think would happen in financial markets if I did that?“I have been able to build a reputation and have been trusted with the public finances, I’ve steered our economy through some challenging times the last 15 months – increases in global tariffs, increases in volatility, increased tensions around the world – and yet our bond yields are lower than they were a few months ago, and have outperformed our peers.”She added: “I am not going to walk away because the situation is difficult. I was appointed as chancellor to turn our economy around, and I’m absolutely determined to finish that job.”Her comments on the financial markets are a reference to the adverse reaction in the City when she cried in the House of Commons in July.Amid speculation that she was about to quit, the value of the pound fell and the cost of government borrowing went up.Related...Analysis: Rachel Reeves s Planned Tax Betrayal Could Be The Death Knell For LabourAll The Times Rachel Reeves Promised Not To Hike Taxes AgainRachel Reeves Paves The Way For Budget Tax Rises As Labour s Economic Woes Continue
Monday 17 November 2025
huffingtonpost - 12 days ago
Rachel Reeves Says Her Resignation Would Lead To Economic Meltdown
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