UK Finance Minister Reeves Remains in Position Despite Market Turmoil By Investing.com

Investing.com — Despite recent market turmoil, Rachel Reeves is safe in her role as Chancellor of the Exchequer, said Cabinet Office Minister Pat McFadden, a close ally of Prime Minister Keir Starmer. The UK’s financial environment has been in turmoil in recent days, raising speculation over the future of the country’s finance minister.

McFadden confirmed Reeves’ position in an interview with Times Radio on Monday. He said: “Rachel Reeves is chancellor for a good reason because she is the right person to do the job.” “Yes, I will,” McFadden expressed confidence when asked about the possibility of staying in office until the fall.

Reeves is under intense scrutiny as the global bond slump has hit UK borrowing costs hard. This has raised doubts about the fiscal stability of the government. The trend continued on Monday, with the 10-year gilt yield hitting last week’s high of 4.92% – the highest in 2018. A high not seen since the global financial crisis in 2008.

The pound was also hurt, leading to questions about whether Reeves would implement any policy measures to address the situation. The chancellor is expected to return to the UK on Monday after the China trip. During her visit, she said that she will take the necessary steps to ensure that the government follows the self-administered fiscal rules.

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