Reeves's appointment comes after Labour's landslide victory in the general election, ending 14 years of Conservative rule and signalling a new direction for the UK's economic policy. Here are some things to know about her.
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Born in 1979 in Lewisham, South London, Rachel Reeves grew up in a family committed to public service, with both parents being teachers.
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Reeves worked as an economist at the Bank of England. Her professional background also includes roles at the British Embassy in Washington, D.C.
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Reeves has been a Member of Parliament (MP) since 2010, representing Leeds West. She has held several key positions in the Labour Party.
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Her appointment marks a significant milestone in British politics, reflecting a broader trend towards greater gender diversity in leadership roles.
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She has pledged to bring stability to the UK economy, emphasizing the importance of sound financial management and discipline in public spending.
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Labour leader Keir Starmer, Reeves has worked to reshape the party's image, distancing it from the more left-wing policies of previous leadership and presenting Labour.
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Reeves has described her appointment as the "honour of my life," expressing a strong commitment to economic stability and growth.