he weekly session in which the British prime minister is questioned by lawmakers in Parliament can be an ordeal for the government leader. For Cabinet members, it’s usually simply a matter of backing their boss.
But on Wednesday the spotlight ended up on Chancellor of the Exchequer Rachel Reeves during the Prime Minister’s Questions session because it became evident that she was crying as she sat beside Prime Minister Keir Starmer.
It’s not known what triggered the tears, later said to have been personal. They came as Starmer sought to fend off attacks that his year-old government was losing its authority and that he was about to fire Reeves to regain the initiative.
Traders got spooked, with the interest rate charged on the U.K.’s 10-year benchmark bond in the markets up sharply, and the pound down. The moves were a sign investors had lost confidence in U.K. financial assets.
Reeves had become associated with fiscal discipline, in particular a rule of covering day-to-day government spending with tax revenue, said Andrew Wishart, an economist at Berenberg Bank.
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Author: Marty Kaufmann
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