“Serious” and “determined” are words often used to describe Rachel Reeves, the UK’s first female chancellor.

But colleagues and friends have suggested the Labour MP’s public persona does not reflect her human side, with a loud laugh and deep love of Beyoncé tracks.

In her maiden speech in the House of Commons in 2010, she vowed to fight for “jobs, growth and prosperity” – likely centrepieces of Labour’s first Budget in nearly 15 years, on 30 October.

So who is Reeves, and how is she addressing the economic and financial challenges the country faces?

Reeves was born in south-east London in 1979, just months before Margaret Thatcher became prime minister at a time of immense social and economic change.

She has previously told the BBC her mother would tick off items on a bank statement against receipts while sitting at the kitchen table: “We weren’t poor, but we didn’t have money to waste.”

Her parents separated when she was at primary school, and she and younger sister Ellie, also a Labour MP, were shuttled between separate homes.

During the school holidays, the sisters would spend time with their grandparents in the Northamptonshire town of Kettering.

They would be taken to do the rounds of relatives’ houses, who would give them a 20p or 50p piece each. At the end of their week, they were taken to the local toy shop to choose their goodies. While Ellie would spend all her cash, the young Rachel would allow herself a smaller treat and save most of the money.

Decades later, Chancellor Reeves would say that kind of restraint defines her, and she has very much modelled herself on Gordon Brown’s “prudence” in the lead-up to Labour’s 1997 election win.

Reeves played chess from an early age, with her father teaching her the key moves. She became a national under-14 champion, and would “quietly thrash” any boys who might think they were in for an easy game, according to Ellie.

She has credited chess with teaching her “to think ahead, to plan a strategy”.

A keen flute player, she took her music GCSE a year early at Beckenham’s Cator Park School for Girls, a comprehensive, and would go on to gain four A grades at A-level.

Seeing the extent of cuts at her school, where the library had been turned into a classroom and the sixth form consisted of “two pre-fab huts in the playground”, she has said she was politicised by her own experience of public services. At the age of 16, she joined the Labour Party.

She went on to study Philosophy, Politics and Economics at Oxford University. As a student, she would host others before college discos, blasting out Destiny’s Child songs and dressing up in her room.

Age: 45

Place of birth: Lewisham, south-east London

Education: New College, Oxford and the London School of Economics

Family: Married to Nicholas Joicey, a senior civil servant and former speechwriter to Gordon Brown during his time as chancellor. They have two children. Her sister is Labour Party chair Ellie Reeves.

Parliamentary constituency: Leeds West and Pudsey

After graduating, Reeves took on a role as an economist at the Bank of England.

She worked on the central bank’s Japan desk, looking at the country’s attempts to come out of stagnation in the 1990s.

During a secondment to the UK embassy in Washington, she met her future husband Nicholas Joicey, who had spent time as a film critic for newspapers and as a speechwriter to then-Chancellor Gordon Brown.

The path to Parliament was not an easy one though. There were two failed campaigns for the former seat of Bromley and Chislehurst, typically safe for the Conservatives.

Before becoming MP for Leeds West in 2010, Reeves moved to the city and spent time working there for the retail arm of Halifax Bank of Scotland.

She once had an interview for a job at investment bank Goldman Sachs, but turned it down. She said: “I could have been a lot richer.”

Entering Parliament, an early mentor on economic policy was Alistair Darling – the last Labour chancellor, during the financial crisis.

At his funeral last December, Reeves spoke fondly of enjoying lasagne and red wine with him and his wife.

She quickly rose up the party’s ranks, shadowing roles at the Treasury, Work and Pensions, and the Cabinet Office.

While a friend has described her as politically “as hard as nails”, Reeves’ time in Westminster has not been without controversy.

She was accused of “utter hypocrisy” for paying students working in her offices only expenses, rather than a salary. She argued the students were on work placements and getting maintenance support.

Throughout Jeremy Corbyn’s four and a half years as Labour leader, she remained on the backbenches because she felt she could not endorse his policies. Called a “Red Tory” by some in the party, she described this as a “very unpleasant period” in an interview with the BBC’s Nick Robinson.

A former editor of the BBC’s Newsnight programme was forced to issue a written apology to Reeves after calling her “boring snoring” on social media in a post that was meant to be a private message.

While she said the incident was “deeply humiliating”, her key objective after Sir Keir Starmer appointed her shadow chancellor was to portray Labour as a steady, pro-business hand on the economy.

Last October, she admitted she “should have done better” after it emerged some passages in her book, The Women Who Made Modern Economics, had been lifted from other sources without acknowledgment.

She told the BBC some sentences “were not properly referenced” and this would be corrected in future reprints. The Conservatives mockingly called her a “copy and paste shadow chancellor”.

Following Labour’s landslide victory in July’s general election, Reeves was confirmed as the first woman to hold the office of chancellor in its 800-year history.

That was “beyond what a girl like me, from the ordinary background that I came from, could have ever dreamed of,” she recently told BBC Radio 5 Live’s Matt Chorley.

Among a number of early government announcements, she cancelled several infrastructure projects and approved a series of public sector pay rises.

But Reeves will not be delivering her first Budget until the end of October, nearly four months after arriving at the Treasury.

Labour argued the time was needed to allow the independent Office for Budget Responsibility (OBR) to properly assess the state of the UK economy. In 2022, Conservative Prime Minister Liz Truss and Chancellor Kwasi Kwarteng had sidestepped OBR scrutiny of their disastrous mini-budget.

But critics said the Budget was the new government’s main lever of change, and that therefore leaving it so long after taking office was a political error.

During the election campaign, Reeves had predicted Labour would inherit the worst economic situation since 1945. In July, she said a spending audit had uncovered a £22bn “black hole” in the public finances left by the previous government.

The Conservatives cried foul and accused Labour of not telling voters the truth about its intention to put up taxes.

During that campaign, independent analysts such as the Institute for Fiscal Studies observed that ruling out increases in income tax, National Insurance and VAT would severely limit Reeves’ room for manoeuvre in the Treasury.

Government sources have told the BBC the chancellor is now looking for tax rises and spending cuts totalling £40bn in the Budget.

One change she announced early was the scrapping of winter fuel payments for millions of pensioners not receiving means-tested benefits. It has proved highly controversial.

Another move unveiled ahead of the Budget was to change the way government debt is measured, to free up billions of pounds of extra investment in infrastructure projects such as roads, railways and hospitals.

Reeves is determined to remedy the UK’s long-term record of under-investment, setting up a £7bn national wealth fund to encourage private investment in green sectors and repeatedly emphasising the new government’s pro-business credentials.

As she prepares to deliver Labour’s first Budget since 2010, the chancellor has revealed she often chats to a number of senior figures.

“I speak to Gordon [Brown] regularly – I also speak to Tony Blair regularly,” she told Matt Chorley.

Despite their political differences, she also maintains a “good relationship” with Conservative predecessor Jeremy Hunt, she said.

“I may not be particularly impressed with the state of the public finances that he left me, but I do recognise that after Kwasi Kwarteng, he had a tough job to do as well.”

Reeves is politically close to Sir Keir, and also revealed they speak at least once a day, wherever the prime minister is in the world.

But there is a warning from a Labour veteran of the Blair-Brown era, former cabinet minister Lord Blunkett, that she needs to offer the public more hope and less gloom.

He told the BBC Reeves had “been left a terrible hand”, but that “post-Covid, we are a tired nation”, so “more miserableness won’t do”.

He also cautioned that this Budget would probably define the next five years, and that if Labour was going to win a second term, “you have to keep a degree of popularity”. As the Conservatives had found out, he added, “once you’ve lost it, it takes a very very long time to pull it back”.

Sir Keir Starmer has attempted to define who “working people” are, amid renewed scrutiny of his tax plans ahead of next week’s Budget.

Labour promised at the general election not to increase taxes on working people – but it is looking to raise some taxes to fund public services.

This could include increases in tax on the sale of assets, such as shares and property, a freeze on income tax thresholds and changes to inheritance tax.

Sir Keir has repeatedly been asked whether “working people” would be hit by these changes.

He insists they won’t but has struggled to offer a clear definition of what counts as a working person in the government’s eyes.

In an interview during a Commonwealth leaders’ summit, the prime minister was asked whether those who work, but get additional income from assets such as shares or property, would count as working people.

He replied that they “wouldn’t come within my definition” – but warned against making “assumptions” about what that meant for tax policy.

He said he thought of a working person as someone who “goes out and earns their living, usually paid in a sort of monthly cheque” and who can’t “write a cheque to get out of difficulties”.

Speaking afterwards, his spokesman sought to clarify that those with a “small amount of savings” could still be defined as working people.

This could include cash savings, or stocks and shares in a tax-free Individual Savings Accounts (ISA), he suggested.

But ministers have been reluctant to translate these comments into numbers.

The prime minister accepted that his own definition was “broad”.

Those people he had in mind, he added, were those who were “doing alright” but had an “anxiety in the bottom of their stomach” about making ends meet if something unexpected happened to their family.

The issue has taken on a central political importance ahead of next Wednesday’s Budget, Labour’s first since 2010, amid a row over whether the party is sticking to promises it made in its election manifesto.

During a BBC interview back in the UK, Treasury minister James Murray was asked repeatedly to give a more precise answer.

When asked whether someone who owned shares or sold a business could be a working person, he said he would not “get into too many hypotheticals”.

As well as the broad pledge not to raise taxes for working people, Labour’s manifesto specifically ruled out raising rates of income tax, along with National Insurance and Value Added Tax (VAT).

But ministers have not ruled out continuing to freeze income tax thresholds beyond 2028, a policy they inherited from the Conservatives, dragging more people into higher bands over time as wages rise with inflation.

And they have also not ruled out making employers pay National Insurance on their contributions to workers’ pension pots, which the Conservatives have branded a “tax on work” that will indirectly hit workers.

Labour peer Lord Blunkett, a cabinet minister in the Blair government, said the “logical outcome” of the move was that “employers will pay less”.

He also cautioned that he was unsure of the government’s definition of a working person, adding: “We’ve got to find a different phraseology”.

Other rumoured tax rises include to capital gains tax, which is paid on profits made by selling assets including shares and property other than a main home.

The government is also planning to increase the amount of money it raises in inheritance tax, which is paid after around 4% of deaths.

Multiple changes to the tax, which currently includes several exemptions and reliefs, are under consideration.

London mayor Sadiq Khan has halved – compared to last year – the minimum amount of money he is asking from the government to fund major transport projects.

The Labour mayor had asked the last Tory government in 2023 for a minimum of £569m to pay for a range of infrastructure upgrades, and complained after receiving only £250m.

Khan told the Local Democracy Reporting Service he now believes it would count as “a win” to receive “anything more than £250m” from the Labour government.

City Hall Tories said the mayor was “watering down” what they claim were “exaggerated financial demands”.

Khan said the reduced funding demand was due to the “£22bn black hole” in public finances cited by the chancellor.

Ahead of the last government’s autumn statement in November last year, Khan had said in a letter to then-Chancellor Jeremy Hunt that Transport for London (TfL) “needs £569m in capital support for 2024/25 to support critical network upgrades and investment in critical road assets”.

He added: “Failure to secure this funding would put vital upgrades at risk and be detrimental to long-term infrastructure investment in the capital’s transport network, with consequential negative impacts on the wider UK economy.”

However, asked earlier this week what he will be requesting from the new government, Khan said: “I’ll be asking for north of £250m. The £250m we got last year was before the £22bn black hole in the government’s year-to-year expenditure.”

The chancellor’s claim that she had inherited a £22bn gap in the public finances was met with ridicule by her Conservative opponents.

Her predecessor, Hunt, said she would “fool absolutely no one” and accused her of a “shameless attempt” to lay the groundwork for tax rises in her upcoming Budget.

But Khan insisted Reeves had been forced to find ways to “make ends meet”, and said, in that context: “I’ll ask for as much as I can get. But what I’m saying is, a win is getting anything more than £250m.”

He said the “real prize” will be at the spring spending review where he hoped to secure a multi-year deal for funding after the 2025/26 financial year.

Neil Garratt, leader of City Hall Conservatives said: “Last year the mayor said that £500m was the absolute minimum to stop TfL collapsing, but this year he claims that anything ‘north of £250m’ is a win.”

“Consistently under Khan’s mayoralty he made exaggerated financial demands, which made it impossible for a Conservative government to work constructively with him.

“Now that he has a Labour government he can’t get away with that; he’s forced to be honest. What other demands are going to be watered down in the next few years?”