UK Finance Chief Defends Her Work as She Prepares to Leave Office

Britain's finance minister Rachel Reeves spoke out on Tuesday to defend her record in charge of the country's money. She is expected to leave her job soon, once Andy Burnham takes over as prime minister. In her remarks, she said the choices she made helped keep Britain's economy strong and stable.

Reeves has served as finance minister since the Labour Party came to power about two years ago under Prime Minister Keir Starmer. She said Britain's economy grew because of decisions she made during that time. She also said there had been real progress in delivering on the party's promises to the public.

In a preview of a major speech she planned to give to finance industry leaders, Reeves stressed the importance of keeping the trust she had built. 'That change is only possible if we maintain the credibility that we have earned, and the stability that we have built, with growth and opportunity in every town, city and region of the UK,' she said. The speech is known as the Mansion House address and is a yearly tradition for Britain's top finance official.

Andy Burnham is set to be named leader of the Labour Party on Friday. He is then expected to be officially named as prime minister on July 20. Burnham was previously the mayor of Greater Manchester, a large city in northern England.

Burnham has laid out his goals for the country, including encouraging strong economic growth in all parts of Britain, not just London. He also wants to give more power to local communities and build more affordable housing. He has said his plans will follow the same budget rules that Reeves set up and will not raise taxes on working people.

Britain's economy under Reeves did not grow as fast as many had hoped at the start. However, it did grow faster than most other large European countries since mid-2024. It still trailed behind the United States and Canada in terms of economic growth.

The person who takes over from Reeves will face a tough job. Economic growth is slowing, and prices are rising again partly because of new fighting in the Middle East. These problems are putting pressure on the government's budget.

Reeves was also expected to use her speech to call for a closer trade and economic relationship with the European Union. She also planned to support Britain's use of artificial intelligence, or AI, technology. Both topics are seen as important for Britain's future growth.

Several politicians are being considered to replace Reeves. Energy Secretary Ed Miliband is the favorite, according to betting companies. Pat McFadden and Wes Streeting are also being considered for the role. Reeves made history as the first woman ever to serve as Britain's chancellor of the exchequer, which is the official title for the country's top finance minister.