Rachel Reeves is a British politician and economist who serves as **Chancellor of the Exchequer**, making her the first woman to hold this position in its over 800-year history.[1] Born on 13 February 1979 in Lewisham, southeast London, she comes from a public service background.[2] Reeves studied at Oxford New College and the London School of Economics before working as an economist at the Bank of England for a decade, followed by roles at the British Embassy in Washington and HBOS.[3] She has described herself as a former chess champion.[4] She entered Parliament in 2010, winning the seat of Leeds West at her first attempt, which she has held comfortably since, now representing Leeds West and Pudsey following boundary changes.[2] Her rise through Labour's ranks was rapid. She served as Shadow Chief Secretary to the Treasury from 2011 to 2013, then as Shadow Secretary for Work and Pensions from 2013 to 2015.[3] After stepping back from the shadow cabinet during Jeremy Corbyn's leadership, she chaired the Business, Energy and Industrial Strategy Committee from 2017 to 2020.[3] When Keir Starmer became Labour leader in 2020, he appointed her as Shadow Chancellor, and she replaced Anneliese Dodds as shadow chancellor in May 2021.[3] Following Labour's landslide victory in the 2024 general election, Reeves was appointed Chancellor of the Exchequer on 5 July 2024.[5] Early in her tenure, she established the National Wealth Fund, scrapped certain winter fuel payments, and cancelled several infrastructure projects while announcing public sector pay rises.[1] She presented her first budget in October 2024, introducing the largest tax rises at a budget since March 1993, and presented a second budget in November 2025 with further tax rises.[1] As Chancellor, her responsibilities include delivering the government's growth mission, managing fiscal policy, and overseeing economic security and resilience.[5]