Though she’s had a turbulent time since taking office almost two years ago, Rachel Reeves has weathered a few storms to remain as Chancellor. And with the war in Iran (literally) fuelling another financial crisis, Labour’s occupant in 11 Downing Street will need to pull a rabbit out of the hat.
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Rachel Reeves says Brexit ‘has not been good for the UK’
That may explain why she is now, rather candidly, turning her attention towards Brexit. In an interview with The Times this weekend, Reeves starkly criticised the decision to leave the EU 10 years ago, saying that it has had a negative effect on growth and supermarket pricing.
The MP for Leeds West and Pudsey did, however, close the door on a potential ‘second referendum’, arguing that ‘the ship has already sailed’. Despite shutting this avenue down, Reeves insisted that there was still ‘an awful lot more’ the UK could do to improve trade with the EU.
A proposed ‘reset’ between the UK and the trading bloc has yielded something in the way of progress, with relations thawing since Labour’s election victory in 2024, and the reinstatement of the Erasmus programme for British students. But come critics have asked the government to go further.
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‘We should absolutely align’ – Chancellor on UK-EU relations
They may soon get their wish. Rachel Reeves is set to deliver a speech to London’s top business brass next week, outlining her desire to work closer with the European Union, and align the domestic economy closer with the single market.
It may have taken a decade, but the penny appears to have finally dropped…
“Brexit has not been good for our country, for growth, for prices in the shop. It’s almost ten years since we voted Leave. That ship has sailed but there’s a lot we can do to improve our trading relations. Where that requires alignment in our national interest, we should absolutely align.” | Rachel Reeves