Connect with us

Published

on

The chancellor has said she was having a “tough day” yesterday in her first public comments since appearing tearful at Prime Minister’s Questions – but insisted she is “totally” up for the job.

Rachel Reeves told broadcasters: “Clearly I was upset yesterday and everyone could see that. It was a personal issue and I’m not going to go into the details of that.

“My job as chancellor at 12 o’clock on a Wednesday is to be at PMQs next to the prime minister, supporting the government, and that’s what I tried to do.

“I guess the thing that maybe is a bit different between my job and many of your viewers’ is that when I’m having a tough day it’s on the telly and most people don’t have to deal with that.”

Politics latest: PM sets out 10-year NHS plan

She declined to give a reason behind the tears, saying “it was a personal issue” and “it wouldn’t be right” to divulge it.

“People saw I was upset, but that was yesterday. Today’s a new day and I’m just cracking on with the job,” she added.

More on Rachel Reeves

Ms Reeves also said she is “totally” up for the job of chancellor, saying: “This is the job that I’ve always wanted to do. I’m proud of what I’ve delivered as chancellor.”

Pic: PA
Image:
Reeves was seen wiping away tears during PMQs. Pic: PA

Asked if she was surprised that Sir Keir Starmer did not back her more strongly during PMQs, she reiterated that she and the prime minister are a “team”, saying: “We fought the election together, we changed the Labour Party together so that we could be in the position to return to power, and over the past year, we’ve worked in lockstep together.”

PM: ‘I was last to appreciate’ that Reeves was crying

The chancellor’s comments come after the prime minister told Sky News’ political editor Beth Rigby that he “didn’t appreciate” that she was crying behind him at Prime Minister’s Questions yesterday because the weekly sessions are “pretty wild”, which is why he did not offer her any support while in the chamber.

He added: “It wasn’t just yesterday – no prime minister ever has had side conversations during PMQs. It does happen in other debates when there’s a bit more time, but in PMQs, it is bang, bang, bang. That’s what it was yesterday.

“And therefore, I was probably the last to appreciate anything else going on in the chamber, and that’s just a straightforward human explanation, common sense explanation.”

Please use Chrome browser for a more accessible video player

Starmer explains to Beth Rigby his reaction to Reeves crying in PMQs

During PMQs, Tory leader Kemi Badenoch branded the chancellor the “human shield” for the prime minister’s “incompetence” just hours after he was forced to perform a humiliating U-turn over his controversial welfare bill, leaving a “black hole” in the public finances.

The prime minister’s watered-down Universal Credit and Personal Independent Payment Bill was backed by a majority of 75 in a tense vote on Tuesday evening – but a total of 49 Labour MPs voted against the bill, which was the largest rebellion in a prime minister’s first year in office since 47 MPs voted against Tony Blair’s lone parent benefit in 1997, according to Professor Phil Cowley from Queen Mary University.

Reeves looks transformed – but this has been a disastrous week for the PM

It is a Rachel Reeves transformed that appears in front of the cameras today, nearly 24 hours since one of the most extraordinary PMQs.

Was there a hint of nervousness as she started, aware of the world watching for any signs of human emotion? Was there a touch of feeling in her face as the crowds applauded her?

People will speculate. But Ms Reeves has got through her first public appearance, and can now, she hopes, move on.

The prime minister embraced her as he walked on stage, the health secretary talked her up: “Thanks to her leadership, we have seen wages rising faster than the cost of living.”

A show of solidarity at the top of government, a prime minister and chancellor trying to get on with business.

But be in no doubt today’s speech on a 10-year-plan for the NHS has been overshadowed. Not just by a chancellor in tears, but what that image represents.

A PM who, however assured he appeared today, has marked his first year this week, as Sky News’ political editor Beth Rigby put to him, with a “self-inflicted shambles”.

She asked: “How have you got this so wrong? How can you rebuild trust? Are you just in denial?”

They are questions Starmer will be grappling with as he tries to move past a disastrous week.

Ms Reeves has borne a lot of the criticism over the handling of the vote, with some MPs believing that her strict approach to fiscal rules has meant she has approached the ballooning welfare bill from the standpoint of trying to make savings, rather than getting people into work.

Ms Badenoch also said the chancellor looked “absolutely miserable”, and questioned whether she would remain in post until the next election.

Sir Keir did not explicitly say that she will, and Ms Badenoch interjected to say: “How awful for the chancellor that he couldn’t confirm that she would stay in place.”

Downing Street scrambled to make clear to journalists that Ms Reeves was “going nowhere”, and the prime minister has since stated publicly that she will remain as chancellor “for many years to come”.

Continue Reading

Politics

Crypto’s path to legitimacy runs through the CARF regulation

Published

on

By

Crypto’s path to legitimacy runs through the CARF regulation

Crypto’s path to legitimacy runs through the CARF regulation

The CARF regulation, which brings crypto under global tax reporting standards akin to traditional finance, marks a crucial turning point.

Continue Reading

Politics

Tokenized equity still in regulatory grey zone — Attorneys

Published

on

By

Tokenized equity still in regulatory grey zone — Attorneys

Tokenized equity still in regulatory grey zone — Attorneys

The nascent real-world tokenized assets track prices but do not provide investors the same legal rights as holding the underlying instruments.

Continue Reading

Politics

Rachel Reeves hints at tax rises in autumn budget after welfare bill U-turn

Published

on

By

Rachel Reeves hints at tax rises in autumn budget after welfare bill U-turn

Rachel Reeves has hinted that taxes are likely to be raised this autumn after a major U-turn on the government’s controversial welfare bill.

Sir Keir Starmer’s Universal Credit and Personal Independent Payment Bill passed through the House of Commons on Tuesday after multiple concessions and threats of a major rebellion.

MPs ended up voting for only one part of the plan: a cut to universal credit (UC) sickness benefits for new claimants from £97 a week to £50 from 2026/7.

Initially aimed at saving £5.5bn, it now leaves the government with an estimated £5.5bn black hole – close to breaching Ms Reeves’s fiscal rules set out last year.

Read more:
Yet another fiscal ‘black hole’? Here’s why this one matters

Success or failure: One year of Keir in nine charts

Please use Chrome browser for a more accessible video player

Rachel Reeves’s fiscal dilemma

In an interview with The Guardian, the chancellor did not rule out tax rises later in the year, saying there were “costs” to watering down the welfare bill.

“I’m not going to [rule out tax rises], because it would be irresponsible for a chancellor to do that,” Ms Reeves told the outlet.

More on Rachel Reeves

“We took the decisions last year to draw a line under unfunded commitments and economic mismanagement.

“So we’ll never have to do something like that again. But there are costs to what happened.”

Meanwhile, The Times reported that, ahead of the Commons vote on the welfare bill, Ms Reeves told cabinet ministers the decision to offer concessions would mean taxes would have to be raised.

The outlet reported that the chancellor said the tax rises would be smaller than those announced in the 2024 budget, but that she is expected to have to raise tens of billions more.

It comes after Ms Reeves said she was “totally” up to continuing as chancellor after appearing tearful at Prime Minister’s Questions.

Please use Chrome browser for a more accessible video player

Why was the chancellor crying at PMQs?

Criticising Sir Keir for the U-turns on benefit reform during PMQs, Conservative leader Kemi Badenoch said the chancellor looked “absolutely miserable”, and questioned whether she would remain in post until the next election.

Sir Keir did not explicitly say that she would, and Ms Badenoch interjected to say: “How awful for the chancellor that he couldn’t confirm that she would stay in place.”

In her first comments after the incident, Ms Reeves said she was having a “tough day” before adding: “People saw I was upset, but that was yesterday.

“Today’s a new day and I’m just cracking on with the job.”

Please use Chrome browser for a more accessible video player

Reeves is ‘totally’ up for the job

Sir Keir also told Sky News’ political editor Beth Rigby on Thursday that he “didn’t appreciate” that Ms Reeves was crying in the Commons.

“In PMQs, it is bang, bang, bang,” he said. “That’s what it was yesterday.

“And therefore, I was probably the last to appreciate anything else going on in the chamber, and that’s just a straightforward human explanation, common sense explanation.”

Continue Reading

Trending