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Chancellor Rachel Reeves wiped away tears in the Commons on Wednesday (Image: PA)
Rachel Reeves wiped away tears in the Commons on Wednesday – and promptly wiped billions off the UK markets.
The Chancellor was seen visibly emotional during Prime Minister’s Questions as Sir Keir Starmer appeared to cast doubt on her future by stopping short of confirming she would remain in post.
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The dramatic scenes sparked a sharp reaction in the markets, with UK borrowing costs surging. The effective interest rate on 10-year government debt saw one of the steepest rises since the turmoil under Liz Truss’s short-lived premiership.
Sterling also took a hit, sliding almost 1 per cent against the US dollar by the end of the day.
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In total, the sell-off wiped around ￡3 billion from the value of UK markets – all while questions now swirl over Reeves’s long-term position in government.
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3 days ago04:41 Michael D. Carroll
Labour MP Slams media for ‘piling pressure’ on Chancellor
Labour MP Barry Gardiner has hit out at the media and political commentators for their treatment of the Chancellor, following her emotional appearance during Prime Minister’s Questions.
Mr Gardiner expressed frustration over the intense scrutiny, saying: “This is what I hate about politics and the media: you pile the pressure on somebody and then when actually they respond in a human way, what do you do? You then focus on that and blow it all up.”
"This is what I hate about politics and the media: you pile the pressure on somebody and then when actually they respond in a human way, what do you do? You then focus on that and blow it all up."
Labour MP Barry Gardiner criticises scrutiny of the Chancellor.#Newsnight pic.twitter.com/SCJ2xVduXO
\u2014 BBC Newsnight (@BBCNewsnight) July 2, 2025
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3 days ago03:56 Michael D. Carroll
Calls for Reeves to resign grow
Via a post on her X account, columnist Allison Pearson has joined the voices already calling for the Chancellor to quit her post.
The bond markets don\u2019t do sentiment.
The bond markets don\u2019t do tears.
The job of the Chancellor is to project confidence so the markets don\u2019t detect weakness & jack up our borrowing costs, already \u00a3100 billion a year!
Rachel Reeves must go.@RachelReevesMP
\u2014 Allison Pearson (@AllisonPearson) July 2, 2025
3 days ago02:54 Michael D. Carroll
Farage slams ‘Wobbly Wednesday’ as Reeves breaks down in tearful PMQs
Nigel Farage described Rachel Reeves’s emotional performance during PMQs as “quite difficult to watch.” The Reform UK leader dubbed the day “wobbly Wednesday,” insisting “something really was going badly wrong” as the Chancellor fought back tears while Sir Keir Starmer faced his weekly Commons grilling.
The Clacton MP called it a “genuinely miserable” 24 hours for the Labour Government, coming after yesterday’s dramatic U-turn on welfare cuts following a significant Labour rebellion. Speaking on GB News, Farage said: “It has been a genuinely miserable 24 hours for the Government.”
For the full story visit here.
Nigel Farage described Rachel Reeves’s emotional performance during PMQs as “quite difficult to watc (Image: Getty)
3 days ago00:42 Michael D. Carroll
Poll: Do you feel sorry for Rachel Reeves?
Chancellor Rachel Reeves has been dealt a major fiscal blow after Labour's concessions to welfare rebels left a ￡4.8 billion shortfall in her carefully balanced spending plans.
The dramatic climbdown came as the Government scrambled to avoid its first Commons defeat, shelving controversial proposals to tighten eligibility for Personal Independence Payments (PIP). The delay, which pushes reforms back until at least autumn 2026, has effectively wiped out a forecasted ￡4.8 billion in savings.
The move also signals a major setback for Sir Keir Starmer's welfare reform agenda, with one of its cornerstone policies now indefinitely postponed pending the outcome of a lengthy review.
The Chancellor, who appeared visibly upset in the House of Commons during Wednesday’s Prime Minister’s Questions, has now been left without a clear plan to plug the gap. Her distress only deepened as Sir Keir Starmer pointedly refused to confirm whether she would remain in her post for the remainder of the Parliament.
With mounting fiscal pressures and open questions over her future, Reeves now faces what could be her toughest challenge yet. But will the British public respond favourably to her public display of emotion? Or is this the final nail in the coffin of her political career?
Have your say by voting in poll here.
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3 days ago23:56 Michael D. Carroll
Body Language Expert Breaks Down Tearful Display
A body language expert has claimed Rachel Reeves was visibly battling her emotions even before Prime Minister’s Questions began on Wednesday — as pressure mounted over her future as Chancellor.
Reeves, who has faced fierce scrutiny following Labour’s dramatic welfare U-turn that tore a near-￡5 billion hole in her fiscal plans, was seen wiping away tears in the Commons chamber. Her emotional response intensified as Sir Keir Starmer dodged questions about whether she would remain in her post until the end of the Parliament.
Judi James, a leading body language expert, told the Express that Reeves’ posture and expression revealed inner turmoil from the outset.
“Reeves was clearly struggling with her emotions before PMQs started,” she said. “But the moment the tears seemed to become uncontrollable was as she was watching Starmer try to list all his party’s achievements and when he appeared unwilling or unable to answer questions about his chancellor remaining in her role.”
James added: “Her body looked slewed to one side in a form of slump, with her shoulders hunched and her head low.”
While Number 10 later insisted Reeves is “going nowhere”, her tearful appearance has only intensified speculation over Labour’s economic direction — and her place at the helm.
Read on for the complete Express story.
Number 10 insisted Reeves is “going nowhere” (Image: Getty)
3 days ago23:42 Michael D. Carroll
Keir Starmer issues Rachel Reeves verdict after PMQs tears - ‘absolute rubbish!’
Rachel Reeves’s tears in the Commons were “nothing to do with politics” and she will be Chancellor for a “very long time to come”, Sir Keir Starmer has told the BBC.
Speaking to the BBC’s podcast Political Thinking with Nick Robinson, the Prime Minister denied suggestions the Chancellor was upset by the fallout over the Government’s welfare Bill.
Sir Keir said: “That’s absolutely wrong, it’s got nothing to do with politics, nothing to do with what’s happened this week. It was a personal matter for her. I’m not going to intrude on her privacy by talking to you about that. It is a personal matter.”
Asked if Ms Reeves would remain in her post, the Prime Minister said: “She will be Chancellor by the time this is broadcast, she will be Chancellor for a very long time to come, because this project that we’ve been working on to change the Labour party, to win the election, change the country, that is a project which the Chancellor and I’ve been working on together.”
Keir Starmer Departs Downing Street To Take PMQs (Image: Getty)
3 days ago23:33 Michael D. Carroll
Paymaster General Nick Thomas-Symonds defends Reeve's tears
Paymaster General Nick Thomas-Symonds interview with the BBC's Newsnight "When people show their humanity, I think that's a perfectly acceptable thing to do."
"When people show their humanity, I think that's a perfectly acceptable thing to do."
Paymaster General Nick Thomas-Symonds talks to @bbcpaddy about the Chancellor's tears at Prime Minister's Questions.#Newsnight pic.twitter.com/ihRuonc63z
\u2014 BBC Newsnight (@BBCNewsnight) July 2, 2025
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3 days ago23:23 Michael D. Carroll
Expert: Another tax raid is on the way
Alex Kerr, of Capital Economics, has warned that another tax raid could be looming. He said: “Combined with the about-turns on welfare spending and winter fuel payments, which will cost around ￡6 billion, that leaves the Chancellor’s headroom pretty much wiped out at just under ￡1 billion.”
Another tax raid could be looming (Image: Getty)