Rachel Reeves will resist pulling rabbits out of a hat when she delivers her second spring statement today, as the crisis in Iran brings new turbulance to world markets
Rachel Reeves will today present her second Spring Statement as Chancellor.
The Labour frontbencher is set to present her forecast against alarming turbulance in the Middle East following strikes on Iran. Government insiders have repeatedly stressed there will be no policy announcements, and Ms Reeves will not be tempted to pull any rabbits out of a hat.
It is expected, sources say, that she will only be at the dispatch box for around half an hour. During that time she will pick through forecasts by the Office for Budget Responsibility (OBR).
The Chancellor will also point to progress on tackling the cost of living, which Keir Starmer has put at the heart of the Government’s mission.
Ahead of the Spring Statement, the Mirror has pulled together a rundown on the life of our Chancellor Ms Reeves.
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Political career
The Chancellor has overseen the scrapping of the two child benefit cap in a busy start to the year. In February she told The Mirror: “I am proud to have been the Labour Chancellor that removed that cap and, alongside the roll out of free breakfast clubs and free school meals for those with parents on Universal Credit, we are lifting more than half a million children out of poverty by 2030.
“That’s half a million children who will have a better start in life.” 2025 was a difficult year for the Chancellor, who came under fire after accepting free tickets to a Sabrina Carpenter concert, arguing security concerns mean she couldn’t sit in the crowd.
She also appeared to be in tears in the Commons during a tense PMQs in July, shortly after the PM swerved a question over whether Ms Reeves would still be Chancellor at the next election. Mr Starmer backed her immediately after PMQs, and a spokesperson for the Chancellor explained it had been over a personal matter.
There were further issues in October when she admitted an “inadvertent mistake” after failing to obtain a rental licence on her family home. She had failed to obtain a “selective” licence from Southwark council to rent out the house. The local authority requires licences on privately rented properties in certain areas.
Ms Reeves wasn’t elected as a Member of Parliament until her third attempt. In 2010 she became MP for Leeds West, where she won a majority of just over 7,000. She served the constituency until boundary changes last year, when she was re-elected as an MP for the slightly altered Leeds West and Pudsey area with a majority of 12,392.
Just five months after being elected in 2010 Ms Reeves was promoted to Shadow Minister for Work and Pensions under then Labour leader Ed Miliband. The following year she became Shadow Chief Secretary to the Treasury and in 2013 the Shadow Secretary for Work and Pensions.
She became a backbencher during Jeremy Corbyn’s tenure and would later distance herself from his leadership. Under Mr Starmer she became Shadow Minister for the Cabinet Office, before being appointed Shadow Chancellor in 2021. After the election, she took on the role of Chancellor.
Ms Reeves has previously spoken about Alistair Darling, the last Labour Chancellor and who steered the country through recession in 2008, being a mentor to her when she first joined Parliament. Ms Reeves described Mr Darling, who died in 2023 aged 70, as the person who she would love to be able to pick up the phone to now. “I hope that he would be proud of what I’m doing as the next Labour Chancellor after him,” she said.
Banking career
Ms Reeves studied the prestigious degree of PPE (Philosophy, Politics and Economics) at Oxford University, a course taken by the most recent Chancellor Jeremy Hunt and ex-PM Liz Truss. She also completed a masters in economics at the London School of Economics.
Despite having a photo of former PM Gordon Brown on her desk at university (apparently bought for her as a joke because he was a hero of hers), Ms Reeves wanted to get a “proper job” before considering any sort of career in politics. She pursued a career at Bank of England as an economist and later worked for the Bank of Scotland for more than three years.
Dame Sue Owen, who was her boss in Washington DC when Ms Reeves became the Bank’s first member of staff posted in the US capital, told the i newspaper last year: “I think she was quite conscious that there were people, even people like Gordon Brown, who’d only ever been in politics and that to have some credibility, she thought you needed to have done a real job first.”
At one point, she turned down a job at Goldman Sachs – a decision she says she does not regret but has joked: “I could have been a lot richer.”
Interests
One of Ms Reeves’ biggest and most well-known passions is chess. As a child, she had clear skills and talents in maths and was taught to play chess by her dad when she was seven. She went on to become under-14s British girls chess champion.
And she has gained skills that should come in handy this Budget, having told the BBC in a 2021 interview: “It’s about getting you to look ahead; to think strategically and not just tactically and to think about what your opponent’s next move is going to be as well as your own.”
As well as being a dedicated chess player, she is known to be a huge fan of Beyoncé. Ex Labour MP Michael Dugher, with whom Ms Reeves once shared an office in Parliament, told the i this week: “She is someone who is great company and great fun. She’s a bit more Beyoncé than Taylor Swift in her musical tastes. She also loves Ronnie Scott’s [jazz bar in London’s Soho]. She takes being a mum extremely seriously as well, so she’s just normal is what I would say.”
Family life
Ms Reeves was born in 1979 in southeast London to teacher parents Graham and Sally, who split up when she was seven. She went to a comprehensive school in Beckenham – Cator Park – with her sister Ellie and would spend her school holidays with their grandpa and grandma at their council maisonette in Kettering. The pair would go on to become the first sisters in history to sit around the Cabinet table – with Ellie also being a Labour MP and Cabinet minister.
Having been a Labour member since 1996, she has spoken of memories of her dad telling her to vote for the party when she was under the age of 10. She has also talked about her dad instilling a competitive spirit in her at a young age, with him never letting her win at chess. Ms Reeves is married to a senior civil servant, Nick Joicey. The pair have two children, whom they try to keep out of the spotlight.
