Chancellor Rachel Reeves (Image: Getty)

       Rachel Reeves is "out of her depth and out of ideas”, a financial expert has claimed in a withering verdict on the Chancellor’s performance since coming into office.

       Ms Reeves, the architect of Labour’s economic strategy, has endured a turbulent few months since her party’s election victory in July 2019, buffeted by the angry reaction to the decision to begin means-testing the winter fuel payment, as well as the Bank of England’s decision to downgrade growth forecasts last week.

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       Martin Lewis explains what interest rate cut means for mortgages, savings, cards and loans

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       Martin Lewis's MSE issues advice to anyone left 'out of pocket' by Barclays outage

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       在万宁买的「全效合一水凝霜」只涂1个月！照镜子吓了一跳！雪之上 了解更多

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       Martin Lewis has good news for anyone with this type of mortgage

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       Building society launches holiday saver with 5.6% interest and earns 'excellent' rating

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       The banks and building societies offering up to ￡175 to switch accounts - full list

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       Lloyds, Halifax and Bank of Scotland overdraft fee shake-up to hit in days

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       Rachel Reeves is so out of her depth the UK is in a time machine back to the 1970s

       267 Comments

       在万宁买的「全效合一水凝霜」只涂1个月！照镜子吓了一跳！雪之上 了解更多

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       Anyone with savings in one type of bank account urged to act before Thursday

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       Rachel Reeves urged to spare pensioners as fears grow millions more will face tax bomb

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       Martin Lewis's MSE issues advice to anyone left 'out of pocket' by Barclays outage

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       Martin Lewis has good news for anyone with this type of mortgage

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       The banks and building societies offering up to ￡175 to switch accounts - full list

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       Lloyds, Halifax and Bank of Scotland overdraft fee shake-up to hit in days

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       She is believed to have called in leaders from companies including Barclays, HSBC, Lloyds Banking Group, NatWest and Nationwide for a meeting on Wednesday to discuss ways to stimulate growth.

       Attendees are likely to include Georges Elhedery, HSBC Holdings' CEO; Debbie Crosbie, CEO of Nationwide; Charlie Nunn, the Lloyds Banking Group chief and Paul Thwaite, NatWest’s CEO.

       UK-listed banks are set to begin reporting their full-year results this week, starting with Barclays on Thursday.

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       Labour Prime Minister Sir Keir Starmer (Image: Getty)

       Patricia McGirr, Founder at Repossession Rescue Network, was among those who was unimpressed.

       She said: "Like most of her policies, Reeves’ coffee morning with bankers will bring plenty of froth and zero substance.

       "Banks are there to make money, not provide an emotional prop for a Chancellor who’s out of her depth and ideas.

       "Businesses, investors and pensioners feel more alienated than ever. If this is her masterplan for UK PLC, we’re in serious trouble."

       Michelle Lawson, Director at Lawson Financial, suggested both Ms Reeves and Labour were "like a puffing old steam train running out of coal looking for someone else to stoke the engine”

       She said: "They have run out of the few ideas that they did have at the risk of not making it out of the station let alone the end of the track. The economy is flailing and deterorating rapidly but the saving grace is at least they are asking people at the coalface itself."

       Ms Lawson warned regulation was a good thing as a means of "keeping things in line" but excessive red tape came with a risk "strangulation".

       The expert added: "The housing market is such a pivotal marker for the economy that has been ignored and undervalued by previous encumbents.

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       "We still need housing to be promoted to a senior department as it is a fundamental basic need."

       Chris Barry, Director at Thomas Legal, argued Ms Reeves was also asking the wrong people.

       He said: "We all know the big banks struggle to balance their own risk and reward strategy, so asking them for advice on growing the economy is like asking Mr Blobby to lay the dinner table.

       "SMEs are the backbone of the UK economy and often run by seasoned and successful entrepreneurs.

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       "These are the people we need to get the UK out of this mess and into a solid future of prosperity."

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       Martin Lewis explains what interest rate cut means for mortgages, savings, cards and loans

       Comments

       Martin Lewis's MSE issues advice to anyone left 'out of pocket' by Barclays outage

       1 Comments

       Martin Lewis has good news for anyone with this type of mortgage

       Comments

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       Lloyds, Halifax and Bank of Scotland overdraft fee shake-up to hit in days

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       Rachel Reeves is so out of her depth the UK is in a time machine back to the 1970s

       267 Comments

       Anyone with savings in one type of bank account urged to act before Thursday

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       Warning issued to anyone with a savings account at a high street bank

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       Pound plunges after interest rate cuts - more pain to come for Rachel Reeves

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       Barclays slashes mortgage interest ahead of 'likely' Bank of England base rate cut

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       Your legal rights to compensation if you are a customer of Barclays, Lloyds or Halifax

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       Lloyds issues urgent warning to customers trying to make payments

       4 Comments

       在万宁买的「全效合一水凝霜」只涂1个月！照镜子吓了一跳！雪之上 了解更多

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       Savers missing out on ￡566 and urged to do this one thing

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       Martin Lewis explains what interest rate cut means for mortgages, savings, cards and loans

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       Martin Lewis's MSE issues advice to anyone left 'out of pocket' by Barclays outage

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       HMRC seven-day warning as new payment fees to affect 1.1 million people

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       Rachel Reeves is so out of her depth the UK is in a time machine back to the 1970s

       267 Comments

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       Comments

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       Comments

       Savers missing out on ￡566 and urged to do this one thing

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       Comments

       Martin Lewis's MSE issues advice to anyone left 'out of pocket' by Barclays outage

       1 Comments

       Martin Lewis has good news for anyone with this type of mortgage

       Comments

       Building society launches holiday saver with 5.6% interest and earns 'excellent' rating

       2 Comments

       The banks and building societies offering up to ￡175 to switch accounts - full list

       Comments

       Lloyds, Halifax and Bank of Scotland overdraft fee shake-up to hit in days

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       HMRC seven-day warning as new payment fees to affect 1.1 million people

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       The meetings come as the UK grapples with significant economic challenges, including a base interest rate cut. Ms Reeves is pushing for regulatory changes to encourage investment and lending, arguing that excessive caution is stifling growth.

       Her approach marks a shift in government policy, with a greater focus on making the financial sector more flexible to support businesses and households.

       The Chancellor is expected to press banking leaders on how they can contribute to economic recovery.