Key facts
- Chancellor Rachel Reeves has publicly endorsed Andy Burnham for prime minister.
- Reeves expressed her intention to remain Chancellor, stating she has "more to do" in the role.
- Reeves defended her fiscal record, highlighting reduced government borrowing and controlled inflation.
- Reports indicate Wes Streeting and Ed Miliband are considered frontrunners for the Chancellor position under a potential Burnham premiership.
- Reeves acknowledged the need for the Labour party to better connect with the country following recent election setbacks.
Chancellor Rachel Reeves has publicly endorsed Andy Burnham as Britain's next prime minister, while simultaneously pitching to retain her position as Chancellor of the Exchequer. Speaking at the British Chambers of Commerce Global Annual Conference, Reeves stated her belief that Burnham would continue to steer the country's finances, emphasizing his support for her fiscal rules which she credits with reducing government borrowing below 5 percent of GDP for the first time since 2019. She argued these rules have enabled £120 billion in capital investment. Despite reports suggesting Burnham might demote her, Reeves asserted she has "more to do" as chancellor, citing plans for a new visitor levy and devolution of income tax spending. She acknowledged recent poor election results for the Labour party and stressed the need for a stronger vision and communication, which she believes Burnham can provide. Reeves also commented on the economic drag from the Middle East conflict but noted that inflation held steady at 2.8 percent in May, indicating a growing and stable economy.