Rachel Reeves ‘out of her depth and ideas’ as experts give brutal verdict on Chancellor

A financial expert has criticized Rachel Reeves, saying she is “out of her depth and out of ideas” since becoming Chancellor. 

Rachel Reeves, who designed Labour’s economic plan, has faced a tough few months after her party won the election in July 2019. She has dealt with backlash over plans to means-test winter fuel payments and the Bank of England’s recent decision to lower growth forecasts. 

Reeves has reportedly called a meeting with leaders from major banks like Barclays, HSBC, Lloyds, NatWest, and Nationwide to discuss ways to boost economic growth. Attendees will likely include top executives like HSBC’s CEO Georges Elhedery and Nationwide’s CEO Debbie Crosbie. 

UK banks are also set to release their annual results this week, starting with Barclays on Thursday. 

Patricia McGirr, founder of Repossession Rescue Network, was unimpressed. She said Reeves’ meeting with bankers would likely produce “plenty of talk but no real action.” She added that banks are focused on making money, not helping a Chancellor who seems lost. McGirr warned that businesses, investors, and retirees feel increasingly disconnected, and if this is Reeves’ plan for the UK, the country is in trouble. 

Michelle Lawson, Director at Lawson Financial, compared Reeves and Labour to an old steam train running out of fuel, struggling to move forward. She said the economy is struggling badly, but at least Reeves is consulting people who understand the situation. 

Lawson also warned that while some regulation is necessary, too much can harm the economy. She emphasized the importance of the housing market, which has been overlooked by previous governments, and called for housing to be treated as a top priority. 

Chris Barry, Director at Thomas Legal, said Reeves is asking the wrong people for advice. He argued that big banks are not the best source of ideas for economic growth and suggested that small and medium-sized businesses (SMEs), run by experienced entrepreneurs, should be consulted instead. 

The UK is facing major economic issues, including a cut in interest rates. Reeves is pushing for changes to regulations to encourage more investment and lending, saying that being too cautious is holding back growth. Her approach represents a shift in government policy, with a focus on making the financial sector more flexible to support businesses and households.