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(Bloomberg) — Rachel Reeves appeared to concede that Andy Burnham won’t keep her on as Chancellor of the Exchequer, while insisting she has a long and close relationship with the man expected to replace Keir Starmer as UK prime minister next month.
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Speaking the British Chambers of Commerce’s annual conference in London, Reeves said Burnham would become the next premier soon and start devolving fiscal powers to the regions — a key task for Burnham’s choice to lead the UK Treasury, who is yet to be announced.
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Reeves told gathered business leaders that she was “proud” of a record that had boosted business investment and kept a lid on borrowing costs. She added that “whoever is chancellor in the future” should take a similar path. She added that Labour has plans to devolve more tax and spending powers to regional governments, as well as making further reforms to business rates.
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“There is more to do, but all of that has to be anchored around that stability that I’ve returned to the economy,” she said.
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The chancellor’s remarks highlight the uncertainty in the cabinet over the shape of the government’s top team following Starmer’s announcement Monday that he is stepping down. Burnham — who the same day was sworn in to the House of Commons seat he needs to vie for the leadership — has said he’ll stand in next month’s leadership contest, while several potential rivals have indicated they won’t.
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Speculation is swirling around who Burnham may select as chancellor, with Energy Secretary Ed Miliband, Home Secretary Shabana Mahmood and former Health Secretary Wes Streeting all in the mix. Streeting had been seen as the man most likely to challenge Burnham for the leadership, but on Monday endorsed the former Greater Manchester Mayor to lead the country.
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Reeves has served as Britain’s first female chancellor since Labour’s landslide general election win in 2024, having previously served in opposition as shadow chancellor. She raised eyebrows on Monday by not attending Starmer’s resignation speech in Downing Street while appearing in a selfie with Burnham later in the day. The chancellor insisted she has been loyal to Starmer but also talked up her relationship with the former Manchester mayor.
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“I backed Andy in 2015 as well, to be leader of our party, and I’ve known him for more than a decade and a half,” she said, praising his record in Manchester and arguing the government will benefit from having a “great communicator” as prime minister. “I look forward to working with him in whatever capacity,” she said.
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—With assistance from Selina Chen.
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