Tears rolled down Reeves’ face after Starmer declined to guarantee that she would remain in place until the next general election, likely in 2029.
The pound slumped more than one percent against the dollar on Wednesday and London’s stock market retreated amid the speculation.
“The Chancellor is going nowhere. She has the Prime Minister’s full backing,“ Starmer’s press secretary said.
“The Chancellor and the Prime Minister are focused entirely on delivering for working people,“ she added.
He said her tears at the weekly Prime Minister’s Questions session had “nothing to do with politics” and it was “absolutely wrong” to suggest otherwise.
“The Chancellor will be working out of Downing Street this afternoon,“ he said.
Starmer’s retreat on slashing benefits has left an almost £5 billion black hole in Reeves’s plans, leading to the possibility that she will have to raise taxes on “working people”, something that she has repeatedly ruled out.
Reeves has also ruled out tweaking her self-imposed rule that day-to-day spending should be met through tax receipts rather than borrowing.
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