Rachel Reeves, a former Bank of England economist, has been appointed Chancellor of the Exchequer of the United Kingdom. She became the first woman to hold the post after Labour's landslide victory over the Conservatives in the general election, AFP reported.
Downing Street announced that she had been appointed "Chancellor of the Exchequer", her traditional title. Reeves arrived earlier today at the British prime minister's official residence in London.
The new Chancellor of the Exchequer, who believes that "change will only come with iron discipline" on public finances, stressed after being re-elected as MP for the North of England that her task would not be "easy".
"There is no miracle solution and there are tough choices ahead," added the woman, who has also been stressing for months that Labour is now "the natural party of business".
The new Labour government will have limited room to manoeuvre after 14 turbulent years of Conservative rule.
Although economic growth is accelerating slowly and inflation has returned to the Bank of England's target, the public finances are in a poor state.
After the financial and purchasing power crises, the pandemic, Brexit, the financial turmoil caused by Liz Truss's short tenure, and the instability of governing with five prime ministers in 14 years, Starmer's government is expected to bring stability to both politics and the economy.
Prior to Labour's victory, Reeves had said she wanted to break the "last glass ceiling in politics" by becoming the first woman to hold the second most prestigious post in British government - an honourable position that has existed for 800 years. | BGNES
