UK markets tumbled amid swirling doubts over Chancellor Rachel Reeves’ future after Prime Minister Keir Starmer failed to fully back her when questioned in the House of Commons.
A visibly emotional Reeves sat next to Starmer in the chamber on Wednesday as the premier batted away opposition questions about a humiliating government U-turn a day earlier on planned welfare reforms that left the chancellor with a widening budgetary hole to fill. Markets reacted strongly as Starmer initially failed to back his finance minister when asked, before his team rowed in behind her in subsequent briefings.
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News post in July 3, 2025, 12:07 am.
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