Rachel Reeves Says Her Resignation Would Lead To Economic Meltdown

Britain's Chancellor of the Exchequer Rachel Reeves delivers a speech in the media briefing room of 9 Downing Street, London, Tuesday Nov. 4, 2025. (Justin Tallis/Pool Photo via AP)Rachel Reeves has suggested Britain’s economy would go into meltdown if she was forced to resign for breaking Labour’s election promises.The chancellor insisted she was “trusted with the public finances” despite planning to increase income tax in the Budget – despite repeatedly promising not to do so.In a highly-unusual pre-Budget speech on Tuesday, Reeves said “each of us must do our bit” as she struggles to fill a £30 billion black hole in the public finances.On LBC, she was asked by Andrew Marr if she would resign if she has to rip up Labour’s manifesto pledge not to hike income tax, VAT or National Insurance.Reeves said: “And what do you think would happen in financial markets if I did that?“I have been able to build a reputation and have been trusted with the public finances, I’ve steered our economy through some challenging times the last 15 months – increases in global tariffs, increases in volatility, increased tensions around the world – and yet our bond yields are lower than they were a few months ago, and have outperformed our peers.”She added: “I am not going to walk away because the situation is difficult. I was appointed as chancellor to turn our economy around, and I’m absolutely determined to finish that job.”Her comments on the financial markets are a reference to the adverse reaction in the City when she cried in the House of Commons in July.Amid speculation that she was about to quit, the value of the pound fell and the cost of government borrowing went up.Related...Analysis: Rachel Reeves's Planned Tax Betrayal Could Be The Death Knell For LabourAll The Times Rachel Reeves Promised Not To Hike Taxes AgainRachel Reeves Paves The Way For Budget Tax Rises As Labour's Economic Woes Continue

Comments

Breaking news

Fundraiser for Huntingdon ‘train attack’ hero reaches £35,000

Metro

Comments

Similar News

Demi Moore and Rachel Zegler stun in contrasting looks as they lead stars at Glamour Women Of The Year Awards

Two in five business owners say they'll leave Britain if Rachel Reeves delivers tax rises

Rachel Reeves was a wan prophet of perdition, honking like a faulty cyborg: QUENTIN LETTS

Labour set to hit middle class earners with £60BILLION tax bomb to plug Budget gaps, top economists predict... amid fears Rachel Reeves could send Britain into a fiscal 'doom loop'

I won't quit even if I break my promise not to raise tax, Rachel Reeves says - after warning EVERYONE is set to suffer in her next Budget

Rachel Reeves asked resignation question on LBC after Budget tax rises hint

Nolte: Rachel Zegler Brags ‘Snow White’ Flop Was #1 on Disney+

Everything you MUST know before taking a pension tax-free lump sum: Our experts reveal if Rachel Reeves will dare to ruin your retirement plans

All the hidden clues Rachel Reeves was not as calm as she tried to portray during her surprise pre-Budget speech

Rachel Reeves soft-launches tax rises

Brexit, Trump, Covid, the Tories: All the things Rachel Reeves blamed for breaking Labour's promise not to put up your taxes... and the one person she didn't!

Rachel Reeves' speech - what the Autumn Budget might mean for your money

Should we expect tax rises in Rachel Reeves’ 2025 autumn Budget?

Rachel Reeves puts UK on notice that tax rises are on the way with Brexit and Trump blamed

Pound tumbles to seven-month low as Rachel Reeves paves way for income tax hike

'She genuinely doesn't know what to do': Brutal verdict on Rachel Reeves from Labour ministers as insiders tell DAN HODGES the truth about Chancellor's speech - and what it means for you

Analysis: Rachel Reeves's Planned Tax Betrayal Could Be The Death Knell For Labour

Voices: Income tax rises or fairer reforms? Join The Independent Debate on the Budget choices facing Rachel Reeves

Watch in full: Rachel Reeves makes major pre-Budget speech

10 Rachel Reeves pre-Budget bombshells - benefits, Brexit and Trump in firing line

Breaking news

Fundraiser for Huntingdon ‘train attack’ hero reaches £35,000

‘I started taking ketamine at 16 – now I don’t have a bladder’

Who is NYC’s ‘First Lady’ Rama Duwaji? Syrian artist and wife of New York’s new mayor

Fox News host ‘in tears’ after Zohran Mamdani wins New York mayoral race

New York mayor Zohran Mamdani faces fake claims he wants Sharia law

Alan Carr Fires Back At Celebrity Traitors Critics: 'Everyone Has An Opinion'

The commonly prescribed drug that could reduce schizophrenia risk

Bosnia official puts death toll in retirement home fire at 11, with over 30 injured

Japan's Toyota, hurt by President Trump's tariffs, reports a drop in profit

Thames Water among six water firms to have bonuses for top bosses blocked

M&S profits plunge by more than half after major cyber attack

‘Trump’s worst nightmare’: New York mayor Zohran Mamdani’s political positions, from ICE to Israel

See the world in vertical: Top photos by AP's photojournalists

Student paralysed by skydiving accident sues for £15 million in compensation

Malaysian rapper Namewee detained in murder investigation of Taiwanese influencer

Pope Leo calls for 'deep reflection' about treatment of detained migrants in the United States

Wetherspoons ‘cautious’ ahead of November Budget

Prosecutors in Asia seize yachts, luxury cars and cash from man accused of running cyberscams

Moment UPS plane crashes near Kentucky airport caught on CCTV

Trump issues four-word response after NYC mayor-elect Zohran Mamdani declares ‘mandate for change’

Ball of fire erupts after UPS plane crashes during takeoff

Japan sends troops to northern region to help stop bear attacks after a record number of casualties

Harry calls for veterans not to be forgotten and expresses pride in being British ahead of Remembrance Day

New car market grows 0.5% in October

Minister doubles down on Reeves’ doom warning: ‘We will do what’s right for the future of our economy’

Barratt Redrow sells more homes despite ‘challenging’ market

All's Fair Reviews: Kim Kardashian's New Legal Drama Is Torn Apart By Critics

Rachel Reeves Says Her Resignation Would Lead To Economic Meltdown

Zohran Mamdani Directly Challenges Donald Trump In Fiery Victory Speech

British scientists create new gel which can fix ‘unrepairable’ damage to your teeth in world first

Mamdani sends four-word message to Trump in victory speech

Police launch investigation after Tottenham defender Destiny Udogie ‘threatened with gun’ in London

In pictures: Young Syrian artists transform war ruin into mural of remembrance

Shout-out for yodeling? Swiss seek recognition from UN cultural agency as tradition turns modern

San Antonio Spurs' planned downtown arena gets green light from voters

‘Luxury brand sacked me for complaining about working 14 days straight – I’m owed £16,000’

Zohran Mamdani wins New York City mayoral race

Victorious Zohran's Message For Trump

Critics Mock 'Panicked' Trump's Online Freakout After Democrats Trounce Republicans

Mamdani Zings Cuomo

The Backlash To Trump Is Here — And It's Big

Former Gov. Jim McGreevey and James Solomon advance to runoff in race for Jersey City mayor

Gopichand Hinduja, who led Britain’s richest business dynasty, dies aged 85

Morocco jails man for trafficking countrymen to Myanmar scam compound

Excessive force allegations will be the focus of a Chicago court hearing

Reddit and Kick among major platforms added to Australia’s world-first social media ban for children

Zohran Mamdani's rise: From Queens lawmaker to New York City mayor

US sanctions bankers it says launder cybercrime money to pay for North Korea’s nuclear weapons

Californian voters back new congressional map to boost Democrats in response to Texas ‘gerrymandering’

As world leaders enter climate talks, people in poverty have the most at stake

Israel identifies remains of hostage handed over by Hamas in Gaza

November 2025 payment dates for benefits and pensions plus cost of living support

Massive fireball erupts as UPS plane crashes at Kentucky airport, leaving 7 dead

Axe maniac caged after chasing young nurse in terrifying blade attack

Pro-independence MSP turned down Reform UK after 'smooth talk' from Nigel Farage

Cameron House fire tragedy leads to landmark law change named in remembrance of victims

Glasgow council paying for homeless refugees to stay in 50 hotels as city reaches 'breaking point'