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Rachel Reeves has vowed to see off demands for her to resign over claims that she has lost control of the economy.
In a defiant response to her critics, the Chancellor said she was happy for her ‘steely’ methods to be compared to those of former Tory prime minister Margaret Thatcher, who was known as the Iron Lady. Asked in an interview if she wanted to be known as the ‘Iron Chancellor,’ she said: “I am happy to be known as the Iron Chancellor if that is what you want to call me.”
Questioned about comparisons between her and Lady Thatcher, Ms Reeves said she strongly disagreed with Thatcher’s policies but added: “She made decisions she thought were right and she took on her critics.” BBC journalist Nick Robinson pressed her as to whether she was comfortable with the comparison to Thatcher, “a strong woman making decisions.” She said: “I am strong.”
She defended her refusal to reverse unpopular decisions on tax and winter fuel payments, saying: “I stuck to my guns and showed that steely determination a Chancellor needs.” In a famous act of defiance in refusing to dump her own contentious economic policies, Lady Thatcher once said: “The Lady is not for turning.”
Ms Reeves said she did not take attacks on her personally and “strongly believes” she has “what it takes” and “the ideas to turn things around”.
In her most extensive remarks since the financial turbulence, which has led some to question her political future, she made it clear she has no intention of changing her policies.
However, by embracing parallels with Margaret Thatcher, still a hate figure among many Labour supporters, Ms Reeves could face more criticism from the Left.
Lady Thatcher’s constant repetition of her mantra ‘there is no alternative’ to her own tough stance on economics earned another soubriquet, ‘Tina.’ Ms Reeves also revealed a similar, frugal style to Lady Thatcher in more domestic matters.
She said still brings her lunch to the office in a Tupperware box ‘whenever I can’ and saves leftover pastries so she could eat them later. It may not be healthy but it was ‘good value for money,’ she added.
She explained her prudent approach was rooted in her modest family background. Her parents split up when she was at primary school resulting in them not having ‘loads of money.’
She recalled how her mother ‘would sit at the kitchen table with the receipts… she ticked them all off to make sure she wasn’t overspending compared to the money that was coming in.’
Grocer’s daughter Lady Thatcher was proud of saying how her economic beliefs were based on the virtues of ‘prudent housekeeping’ learned from her parents at the kitchen table.
Lady Thatcher’s comments on the subject sometimes sparked controversy such as when, before becoming Prime Minister, she revealed she hoarded tins of food in her kitchen for emergencies.
The Chancellor, under fire over rising borrowing costs and sluggish growth, said she was in her job for the “long haul”.
She said: “I haven’t taken it personally this week. It’s political. Some people don’t want me to succeed. Some people don’t want this Government to succeed… But I’m not going to let them get me down. I’m not going to let them stop me from doing what this Government has got a mandate to do – and that is to grow the economy, to make working people better off.”
This article was amended on the day of publication. It originally said that Ms Reeves had compared herself to the Iron Lady. However, the term used was “Iron Chancellor” and it was not a comparison made by Ms Reeves herself, but by her interviewer.
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