WHO IS RACHEL REEVES? LABOUR PARTY'S PICK LIKELY TO BE BRITAIN'S FIRST WOMAN FINANCE MINISTER

Former child chess champion and Bank of England economist Rachel Reeves is expected to become Britain's first female finance minister on Friday, following a predicted Labour landslide victory. She will take on the role of chancellor of the exchequer, having been the party's finance spokesperson in opposition.

Reeves won has won in the UK elections from the Leeds West & Pudsey constituencies. Expressing gratitude on social media, she said, "It is an honour and a privilege to be returned as the Member of Parliament for Leeds West and Pudsey. You have put your trust in me. And I will not let you down."

Labour's emphasis on wealth creation marks a shift from its traditionally leftist policies. Reeves, 45, affirmed this new direction in a recent address to company bosses and said, "This changed Labour Party is today the natural party of British business." She highlighted the need for "iron discipline" over public finances, drawing comparisons with Margaret Thatcher, Britain's first female prime minister, as reported by AFP.

Reeves endorses a form of renationalization, particularly in the energy sector, taking inspiration from policies enacted by US President Joe Biden. Labour has proposed the creation of Great British Energy, a publicly owned company that would drive funding for the "green" transition away from fossil fuels, in collaboration with the private sector.

Rachel Reeves, whose parents were teachers, has a background in outmaneuvering adversaries. She became the British girls' chess champion at age 14 before studying philosophy, politics, and economics at the University of Oxford. She followed this with a Master's degree at the London School of Economics. Reeves' career as an economist spans a decade, including a stint at the Bank of England and later in the private sector.

In 2008, while working for British retail bank HBOS, the global financial crisis hit, leading to a significant bailout from Gordon Brown's Labour government. She was elected Labour MP for Leeds West in 2010, as the Conservatives entered power in a coalition with the Liberal Democrats. In 2021, Labour leader Sir Keir Starmer appointed her as the party's finance spokesperson.

Following her re-election early Friday, Reeves acknowledged the magnitude of the challenges ahead, including the need to address deteriorating public services and the cost-of-living crisis. She said, "I know that the road ahead will not be easy. There are no quick fixes and hard choices lie ahead." She continued, "We are under no illusions about the scale of the challenge that we face or about the severity of the challenges that we will inherit from the Conservatives. It will come with a great weight of responsibility. I embrace it. It will demand hard work and harder choices. I am ready for them."

Reeves, who is married with two children, said that becoming the first woman chancellor in the role's history "would be the privilege of my lifetime." Her sister, Ellie, is also a Labour MP.

James Wood, a senior teaching associate in political economy at the University of Cambridge, commented on Labour and Reeves' approach to public finances. "When she talks about being an iron chancellor, I think what she means is: we're going to balance the books and we're going to be responsible -- and we're going to try and get Britain's economy running... in a responsible way," he told AFP.