Iain Dale All Talk – Episode 326: Rachel Reeves (August 6, 2025)

Episode Overview

In this dynamic episode, Ian Dale sits down for an in-depth conversation with Rachel Reeves, the first female Chancellor of the Exchequer. They discuss her path to power, the unique pressures and symbolism of being a pioneering woman in government, major challenges confronting the UK—ranging from defence spending and NHS reform to the cost of living and the challenge from political rivals—and the realities of political and personal scrutiny. Rachel also reflects on her family background, her approach to economic decision-making, inter-party relationships, work-life balance, and the generational challenge of instilling hope in young people.

Key Discussion Points and Insights

1. Breaking the Glass Ceiling as First Female Chancellor

• Historical Context & Ambitions

  • Rachel expresses pride in being the UK's first female Chancellor, highlighting the significance for women’s representation:

    “The position of Chancellor has existed for more than 800 years and never in that time has there been a woman doing the job. And I think it was about time … I feel very proud to be that. But it shouldn't have taken 800 years to get there.” [02:06]

  • She underscores the importance of role models:

    “…I hope that young women and girls growing up today would see that there should be no ceiling on their ambitions and nothing that they can't achieve.” [04:14]

• Symbolism and Pressures

  • Discusses the impact of visible leadership and why it matters for girls' expectations.

    “…there’s something important about having women in those roles.” [04:07]

  • On Margaret Thatcher and other female PMs:

    “Although I remember at quite an early age, like from what my parents said and stuff, didn't agree with what she was doing, but I guess I never doubted that a woman could do that job, because there she was, doing the job.” [03:41]

2. Early Political Influences & Family Background

• Reeves reflects on the formative role her family, upbringing, and the 1997 Labour landslide played in her political trajectory:

  “I remember in 1987… I went home and I asked my dad and he put on the six o' Clock News and he said, that's Neil Kinnock and that's who we vote for.” [06:08]

  • Both she and her sister Ellie (also an MP) joined Labour as teenagers, motivated by a belief that their state schooling was short-changed:

    “My sixth form was two prefab huts in the playground… I felt very strongly that the government we had in the 90s didn't care very much about schools like mine and communities like mine.” [08:03]

3. Mentors, Memories, and Gordon Brown

• Reeves recounts mentorship by John Speller and her admiration for Gordon Brown—sharing anecdotes about his support and sense of humour:

  “My lovely friend Helen… bought me a framed picture of Gordon Brown…” [10:19]

  • Keeps in regular contact with Brown, who offers long, idea-heavy emails:

    “He doesn't phone me, he sends me emails quite a lot in capital letters and then really long papers.” [12:13]

  • On Alastair Darling’s legacy and transition to being the only living Labour Chancellor:

    “Gordon is now the only former Labour Chancellor still alive.” [12:54]

4. The Hard Choices of Office: Budgets, Spending, and Disappointment

• Reeves reflects on the burdens and limitations of her job:

  “People are impatient for change. I’m impatient for change as well, but I've also got the job of making sure the sums always add up and that doesn't always make you popular…” [14:41]

Cabinet Negotiations & Spending Reviews

• Reeves describes the challenge of balancing ministerial departmental demands:

  “Everybody put in for more money than they...” [17:56]

  • NHS and Defence negotiations are prioritised due to their scale and shifting global context:

    “We needed to sort of settle the NHS pretty quickly because it is by far the biggest spending department…” [18:01] “We’re taking defence spending to 2.6% by 2027.” [18:44]

Defence Spending & War Readiness

• Reeves justifies increased defence spending given shifting global threats:

  “The threat after 9/11 was more around terrorism, but it is now state actors that are our biggest threat.” [22:00]

  • UK’s commitment to alliances:

    “…We are the biggest defence spender in Europe. Work closely in terms of security partnership. There's no greater partnership than between the US and the UK…” [22:36]

5. Global Trade, Brexit, and Investment

• The UK’s improved trade deals and increased private investment post-Brexit are points of pride:

  “We have the best trade deal of any country in the world now with the US… £120 billion of private investment into the UK since the general election last year. That is very significant.” [23:19 & 24:27]

  • On GB Energy and energy investment:

    “One of the things it's done is put load of solar panels on the roofs of schools to cut their energy bills.” [25:36]

6. Climate, Energy, and the Reform Challenge

• Reeves sets out Labour’s position on energy security and the need to win the argument for net zero:

  “One of the reasons we were so exposed to Russia's invasion was that we were very reliant on global markets for our basic energy needs… first and foremost it's about energy security.” [26:52]

  • She critiques the anti-net zero turn by Reform and the Conservatives:

    “They come out with all sorts of conspiracy theories… But his [Farage’s] change is a mirage and we are trying to get on and deliver.” [28:11]

7. Political Threats: Reform UK & the Fragmented Left

• Reeves anticipates Reform as Labour’s main challenger, not the Conservatives:

  “There's been a lot of tactical voting to stop the Tories… I think you will find in England especially… people who want to stop Reform will coalesce to get around the party who are best placed to do that.” [33:23]

• On the new “Jasbullah Party”:

  “[Corbyn] tried to destroy my party. He can now go and set up his own party. The country has rejected him twice. The bloke's got a big ego. He can have another go, but I think the country will give the same verdict.” [36:15]

8. Relationships: Across Parties & Within Government

• Reeves has connections across the political spectrum:

  “I do get on well with a number of Conservatives… I'm actually, I think, less tribal now than when I first became an MP…” [38:04]

  • Personal relationship with the Prime Minister is close and essential:

    “We see each other every day. We text. He doesn't use WhatsApp… our lives are now very closely intertwined because we both live above the shop.” [50:35]

9. Health Service & Public Sector Strikes

• Frustration at slow NHS progress and strikes despite significant investment:

  “Last year we did a pay settlement for the resident doctors worth 22%... I think the offer we've made to resident doctors is more than reasonable and I would encourage them to get back to work…” [31:23]

10. Young People: Hope, Opportunity, and Listening

• Reeves acknowledges the crisis in youth optimism, housing access, and the effects of COVID-19:

  “You know, I can understand why 18 to 24 year olds think I'll never get the housing ladder… we've put up the stamp duty on people buying second homes because as we build those homes we want ordinary people, young people to be able to get them.” [43:19]

  • On COVID and its impact:

    “…for a young person, for my kids, or for somebody, you know, in their early 20s, their most formative years were spent in the house with two or three other people… And so I absolutely understand why a lot of young people feel that things are just not working for them today.” [46:24]

11. Reflections, Criticism & Work-Life Balance

• The hardest thing about being Chancellor?

  “That personal scrutiny is something that even when I was Shadow Chancellor and having been an MP for 14 years before I got into government, it's that stuff which I find hard…” [66:17]

• On work-life balance and being a mother in high office:

  “You would never have said that to Rishi Sunak or Jeremy Hunt… but I think they're also proud of what their mum does.” [63:43]

12. Notable Lighter Moments & Personal Stories

• The “orange hair” crisis before a Budget becomes a running joke:

  “It was dark at the time, which is my natural colour. And then it sort of went orange… Then my kids came home… If I'm being kind, you look beautiful, Mummy. And if I'm being honest, what on earth have you done to your hair?” [67:29]

Notable Quotes & Memorable Moments

• On Why Female Representation Matters:

  • “I hope that young women and girls growing up today would see that there should be no ceiling on their ambitions and nothing that they can't achieve.” – Rachel Reeves [04:14]

• On Budget Constraints:

  • "People are impatient for change. I'm impatient for change as well, but I've also got the job of making sure the sums always add up and that doesn't always make you popular..." – Rachel Reeves [14:41]

• On Net Zero & Farage:

  • “His change is a mirage and we are trying to get on and deliver.” – Rachel Reeves [28:11]

• On Crossing Party Lines:

  • “I'm actually, I think, less tribal now than when I first became an MP…” – Rachel Reeves [38:04]

• On the Labour–Reform Contest:

  • “I'm in no doubt that reform will be our rivals and as a result, you know, we've got to take our fight to them.” – Rachel Reeves [34:29]

• Balance and Motherhood in Politics:

  • “You would never have said that to Rishi Sunak or Jeremy Hunt… but I think they're also proud of what their mum does.” – Rachel Reeves [63:43]

• On Appearance and Media Scrutiny:

  • “If I'm being kind, you look beautiful, Mummy. And if I'm being honest, what on earth have you done to your hair?” – Rachel Reeves recounting her son’s words [67:29]

Timestamps for Key Segments

• Introduction and Mission (No “14 wasted Tory years”): [00:33–00:52]
• On being first female Chancellor: [01:26–04:14]
• Political upbringing and early memories: [05:13–08:03]
• Mentors and Gordon Brown stories: [10:19–13:12]
• Balancing expectations and budget prioritisation: [14:05–16:57]
• Defence spending and UK’s global posture: [19:13–22:54]
• UK trade, investment, and GB Energy: [23:16–25:36]
• Energy security, cost and net zero backlash: [26:22–29:39]
• Rise of Reform and future electoral battles: [29:39–35:07]
• Personal cross-party relationships: [37:00–39:00]
• PMQs, tears, and public scrutiny: [39:00–42:13]
• Youth, aspirational Britain, and housing: [42:13–47:45]
• Cabinet standouts & PM-Chancellor relationship: [47:45–51:20]
• Tax policy, regrets, and economic stability: [51:50–59:20]
• Health service wins and frustrations: [60:35–62:51]
• Personal release, motherhood, and public criticism: [62:51–66:17]
• The hair colour mishap: [67:14–70:18]

Summary

This episode offers a candid, broad-ranging look at the realities of modern government, party politics, and personal cost at the top. Rachel Reeves presents herself as grounded, proud of her historic role, but realistic about the challenges Labour faces—both from a sceptical public and determined political rivals. Her humour, forthrightness, and commitment to social mobility and generational fairness shine through, whether she’s handling stories about Gordon Brown’s emails, addressing intractable public spending dilemmas, or laughing at her own hair-dye disaster.

For listeners seeking insight into the character, priorities, and instincts of a Chancellor coping with Britain’s shifting economic, social, and political landscape, this is an essential—and enjoyable—listen.