Rachel Reeves tells the City she wants to close gender pay gap if she becomes first female chancellor


Jess Jones
Tue, 16 April 2024 

Shadow Chancellor Rachel Reeves said Labour is "under no illusions about the scale of challenge Labour will inherit."

Shadow Chancellor Rachel Reeves has said she wants to close the gender pay gap “once and for all” if she becomes the UK’s first female Chancellor after the next general election.

Speaking at a Labour business event on Monday evening, Reeves said a topic that felt “personal” to her was that, although the position of Chancellor has existed for 800 years, it has always been filled by a man.

“So, if Labour win the election later this year, I will be the first ever female Chancellor of the Exchequer,” she declared to rapturous applaud.

“Along with that huge privilege comes an immense responsibility to close the gender pay gap once and for all and to ensure we have proper system of childcare in our country so that all women who want to go out to work and balance family and work contributions can do so.

“That is the difference that a Labour government will make,” she added.

In her three years as shadow Chancellor, Reeves has faced four Conservative Chancellors, including Rishi Sunak, Nadhim Zahawi, Kwasi Kwarteng and current one Jeremy Hunt.

Before entering the world of politics, she worked as an economist at the Bank of England for a number of years.

In her speech at the event, Reeves also said Labour is “under no illusions about the scale of challenge Labour will inherit. The economy is on its knees.”

Her party’s manifesto includes a number of measures to become the “undisputed party of business”. In November last year, it revealed a plan to support small businesses, including revitalising high streets and removing barriers to exports.

On Monday, Reeves also said Labour will invest alongside businesses and in green energy solutions to “take Putin’s foot off our necks” and bring down energy bills.

Labour plans to create a national wealth fund to invest with businesses in carbon capture and storage, green hydrogen, renewable ports, battery factories for electric vehicles.

The event was attended by representatives from a variety of small and medium British businesses, a number of them tech and energy companies.

One of those was Khalid Talukder, co-founder of fintech DKK Partners, who said Britain is home to some of the fastest growing businesses on the planet and a “world class” financial services industry.

“The next government needs to recognise this fact,” he told City A.M., “and work with entrepreneurs to fuel economic growth, helping these firms expand both at home and overseas.”

Also in attendance was Oseloka Obiora, chief of technology at cyber security company RiverSafe. He stressed that SMEs play a “crucial role” in the UK’s economic growth, both in terms of productivity and job creation.

“It was interesting to hear the Shadow Chancellor set her plan of action to support and defend ambitious businesses, as well as workers and entrepreneurs,” he said.