The Rachel Reeves Interview (Her Last As Chancellor?)

Summary

BBC Newscast: The Rachel Reeves Interview (Her Last As Chancellor?)

Date: July 12, 2026

Host: Laura Kuenssberg (and BBC Newscast team)

Guest: Rachel Reeves, Chancellor of the Exchequer

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Episode Overview

This episode features an in-depth and candid interview with Chancellor of the Exchequer Rachel Reeves, who is likely giving her last interview in the role. Reeves reflects on her turbulent two years leading the UK Treasury, defending her decisions, acknowledging regrets, and offering personal insights as she prepares to hand over to a new Labour leadership under Andy Burnham. The conversation covers her achievements, challenges, controversial policies, and her perspective on legacy as the nation's first female Chancellor.

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Key Discussion Points & Insights

1. The End of an Era & Achievements in Office

[01:43 – 03:09]

• Reeves highlights substantial changes her government achieved in just two years, focusing on:
  • Lifting children out of poverty.
  • Infrastructure investment in energy and transport.
  • Building growth “on the rock of stability and trust” she claims to have restored to the economy.
  • She expresses impatience for change herself, but believes the next phase will be led on stronger footing due to Labour’s groundwork.

Quote:
"I'm impatient for change. And I totally get that people want to see their lives changed faster, and that will be the job for Andy Burnham when he becomes Prime Minister..."
— Rachel Reeves (02:38)

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2. Economic Performance & Criticism

[03:09 – 05:48]

• Reeves rejects premises that key indicators are “going the wrong way,” stressing:
  • Wages have outpaced prices every month of her tenure.
  • UK inflation is lower than both the Eurozone and US.
  • UK is now the fastest-growing economy in the G7.
  • Touts increases in employment.

Quote:
"Wages have risen faster than prices in every single month for 24 months. Inflation today is lower in the UK than it is in the Eurozone or in the US... we are the fastest growing economy in the G7."
— Rachel Reeves (03:28)

• On disposable income: Admits averages can mask diverging experiences, but is proud that on average, people are better off than prior Parliament.

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3. Difficult Policy Decisions & Regrets

[05:48 – 09:17]

• Reeves is confronted over controversial moves:
  • Winter Fuel Allowance Cuts: Avoids direct admission of error, but insists pensioners are better off due to higher state pensions.
  • Employer National Insurance Increase: Defends the choice as necessary to fund the NHS, acknowledges tough trade-offs, repeats claim of more people in work, and frames the policy as a hard but virtuous choice.
• Admits she would make some decisions differently “with hindsight” but urges focus on restored economic stability and the strategic view.

Quote:
"My job is making choices... And I made a choice that I wanted to bring NHS waiting lists down, but I had to find the money."
— Rachel Reeves (07:58)

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4. National Debt & Fiscal Rules

[09:17 – 11:08]

• Reeves acknowledges national debt has increased and is almost the size of the entire economy.
• Justifies borrowing for investment (like infrastructure), not day-to-day spending—compares it to borrowing for a home vs. groceries.
• Her most fundamental change: Reforming fiscal rules freed up £120 billion for infrastructure projects (nuclear, transport, digital, esp. in the north).

Quote:
"It is perfectly reasonable to borrow to fund infrastructure investment that will have a payoff over years and decades to come."
— Rachel Reeves (10:53)

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5. Transition & Legacy as First Female Chancellor

[11:30 – 13:16]

• Reflects on the emotion of being the UK’s first female Chancellor.
• Defers to Andy Burnham's incoming administration, expresses pride in her record.
• Strongly supports fiscal devolution (“number 11 north” for Treasury offices in the north), advocating for policy made closer to communities.

Quote:
"I would know my time in office was a success if young women and girls felt that there should be no ceiling on their ambition."
— Rachel Reeves (21:36)

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6. Loss of Leadership and Labour's Internal Politics

[14:20 – 17:57]

• Addresses Labour’s leadership change, framing it as a phase rather than an end: “Labour government isn't slipping away, we're moving to the next phase...”
• Acknowledges that others’ ambition (including Andy Burnham’s) is natural, stresses need for clear plans and resilience in government.
• Suggests more experience could have helped the outgoing team focus on execution.

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7. Personal Reflections: Highs, Lows, and Motivation

[18:45 – 21:19]

• Hardest moment: Crying on national TV, and seeing it splashed across the news.
• Best moment: Delivering a Labour Budget, and seeing firsthand—such as with school breakfast clubs—how policy changes impact children’s lives.
• She describes the privilege of her position, the strains of frontline politics, and affirms her belief the effort was “absolutely worth it”.

Quote:
"Even that day was better than the 14 years in opposition when I was powerless to change anything in this country."
— Rachel Reeves (19:09)

• On why she does the job: Shares a moving anecdote about a boy helped by a breakfast club—a story illustrating the lasting effects of her policies.

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8. Legacy, Gender, and Advice to Young Women

[21:19 – 22:33]

• When asked how she’d write her own chapter in the history books, Reeves declines, but hopes her role inspires girls and young women to believe in their own ambitions for high office.

Quote:
"There are young women today who say, maybe I could do that job one day. That's a great thing. Have I done everything right? No... But the big decisions I've made that have enabled our economy to grow...those things have changed because of the decisions I've made, and I'm proud of that."
— Rachel Reeves (21:36—22:25)

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Notable Quotes & Memorable Moments

• "My job is making choices. And I made a choice that I wanted to bring [NHS] waiting lists down, but I had to find the money."
  — Rachel Reeves (07:58)

• "It is perfectly reasonable to borrow to fund infrastructure investment that will have a payoff over years and decades to come."
  — Rachel Reeves (10:53)

• "This job has been the absolute privilege of my life... but it is important through all the shocks that come your way, that you are focused."
  — Rachel Reeves (18:14—18:19)

• "Even that day was better than the 14 years in opposition when I was powerless to change anything in this country."
  — Rachel Reeves (19:09)

• "I would know my time in office was a success if young women and girls felt that there should be no ceiling on their ambition."
  — Rachel Reeves (21:36)

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Timestamps for Key Segments

• [01:43] — Interview begins
• [02:03] — Reflections on Labour’s two years in government
• [03:09] — Defence of economic record/statistics
• [05:48] — Winter Fuel Allowance and policy regrets
• [07:05] — Employers' National Insurance increase
• [09:17] — National debt and infrastructure investment
• [11:30] — Emotional legacy, “first female Chancellor”
• [12:34] — Transition to Andy Burnham, devolution
• [14:20] — Labour leadership & lessons of government
• [18:45] — Personal highs and lows; story of the little boy and breakfast club
• [21:19] — Reflections on legacy and inspiration for young women

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Tone & Style

• The tone throughout is candid, occasionally defensive, always passionate and policy-literate.
• Reeves combines assertive pride in her economic stewardship with moments of real emotional vulnerability, particularly regarding her status as a role model and her formative experiences in government.
• The hosts maintain a probing but respectful approach, ensuring broader context for listeners.

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Summary

In her likely final appearance as Chancellor, Rachel Reeves steadfastly defends her record while openly admitting to mistakes and hardships. The discussion ranges from policy specifics (wages, debt, investment) to Labour’s internal politics and her personal journey. For those seeking to understand the achievements and controversies of this Labour government as it transitions to new leadership, this interview provides both clarity and humanity—in Reeves’ own voice.

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For full context and nuanced detail, listeners are encouraged to explore the full episode.

Transcript

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[Laura Kuenssberg]

Hello, newscasters, It's Laura here. Yesterday we played some parts of our conversation with the Chancellor, Rachel Reeves, who's been in charge at the treasury for two years. Few years. But in the next week or so, she may no longer be there.

[Interviewer (BBC Newscast Host)]

We thought you might like to hear

[Laura Kuenssberg]

it all, because she's been a huge figure in our politics and a huge figure in the economy for the last couple of years. And it was really interesting to hear her reflect on the two years that she has spent in what is her dream job. She was pretty unrepentant about the mistakes that many others believe she made. But see what you make of it. Here is our full conversation. Paddy and I will be back in a second with a regular newscast episode, but in the meantime, here's Rachel Reeves in what is probably her last interview as the Chancellor of the Exchequer.

[Interviewer (BBC Newscast Host)]

Chancellor I remember almost exactly two years ago, we sat in exactly the same room, and you were fresh from that huge victory that you'd worked so hard for. And I think everybody watching could tell how much it meant to you to. To be here. But why do you think that just two years on, that government you've been part of has come to an end?

[Rachel Reeves]

In the first two years, we have delivered change. We've delivered quite radical change in a number of areas. The number of kids who've lifted out of poverty, the infrastructure, investment in energy and transport that's now going ahead and properly funded. We've been able to do that because, as I kept saying during the general election campaign and since I've become Chancellor, you have to build growth and change on that rock of stability and trust that I've managed to return to our economy. But people are impatient for change. I'm impatient for change. And I totally get that people want to see their lives changed faster, and that will be the job for Andy Burnham. When he becomes a Prime Minister of our country in just over a week's time. But he's becoming Prime Minister because of the majority that we secured. And I also know, because of the work that I have done, Andy will take over an economy that is much stronger than the one that I inherited from the Conservatives just two years ago.

[Interviewer (BBC Newscast Host)]

Inflation is expected to go up again. The bank of England's warned that interest rates might have to go up again, too. And that most fundamental measure of the economy in people's real lives, unemployment, that's been going up in the last year or so too. And some of the things you're leaving behind are going in the wrong direction.

[Rachel Reeves]

I do not accept the premise of that at all. If you look at the economy compared to the one I inherited, we are in a much stronger position. So since I've become Chancellor of the Exchequer, wages have risen faster than prices in every single month for 24 months. Now, if you look at inflation, it reached double digits under the Conservatives. Inflation today is lower in the UK than it is in the Eurozone or in the us. But the most important measure, I think, is how quickly the economy is growing. And I think if someone has said to me or to you two years ago, do you think within two years you can be the fastest growing economy in the G7? And I think a lot of people would have said, well, good luck with that. But actually, that is what the most recent data show. And there are more people in work than when I became Chancellor.

[Interviewer (BBC Newscast Host)]

Some of the most recent numbers on disposable income, what people have to do spend, actually shows that disposable income has

[Rachel Reeves]

been going down, first of all, for 24 months now. Wages have risen faster than prices now, that is on average. And so it's not the same for everybody. But I am proud of my record there, because in the last Parliament, people were worse off on average at the end of the Parliament than they were at the beginning. But look, this isn't just about lines on the graph. This is about how people feel. And I remember in our first interview, once I became Chancellor in this room two years ago, and you said to me, you know, are you going to lift children out of poverty? And I said, I'm not going to make a promise without being able to say where the money is going to come from. And this is this point really about how you've got to combine change and radical change with credibility and with trust. And I wasn't, when I became Chancellor, able to say how we would fund that. But at my Second budget. Less than a year and a half into this Labour government, I was able to announce the lifting of the two child benefit rule within universal credit. And that was partly funded by changing gambling taxes. Taxes, because, look, for 14 years I was an MP and I was in opposition. We were not short of promises on radical change. What we were short of was trust and credibility. Now, I have returned that trust and credibility to the economy and to Labour's economic policy. And because of that trust and that credibility, we are now able to do those radical things.

[Interviewer (BBC Newscast Host)]

But some of the big calls you've made damaged the government's authority and damaged the trust that some people had in you. And for example, if you reflect back now, was it a good idea to remove winter fuel allowance from millions of pensioners without any warning?

[Rachel Reeves]

Well, I've had to make hundreds and hundreds of choices as Chancellor over the last couple of years and they haven't always been easy choices. I've always tried to do the right thing. But if you are a pensioner watching this program today, then you have had two increases in your state pension significantly higher than the increase in prices in the economy. Pensioners are on metro fuel allowance because,

[Interviewer (BBC Newscast Host)]

you know, lots of your colleagues haven't. Your next door neighbour, Keir Sammer, has hinted that actually that was one of the mistakes. Was it a mistake?

[Rachel Reeves]

I'm not going to go through all the different policies that we've announced, but I do know that pensioners are better off. After two years of this Labour government, we could go through, we could go,

[Interviewer (BBC Newscast Host)]

but it's a totemic one, the winter fuel allowance.

[Rachel Reeves]

The question that people ask themselves at election time is, are me and my family better off? And I can say that because of the choices that I've made, families in Britain, but also pensioners in Britain are better off than when I became Chancellor.

[Interviewer (BBC Newscast Host)]

But one of the other big calls you made that really surprised people, really upset a lot of people in British business who you'd worked very hard to get onside was making it more expensive for them to hire people. With the increase in national insurance for employers, reflecting back, is that still the choice that you'd make today? Because we know that the number of vacancies in the economy has gone down. Multiple businesses say that they've had to either get rid of staff or not take on new staff because of that change and that's affected growth.

[Rachel Reeves]

There are more people in work today than when I became Chancellor and we had the fastest rate of growth in the G7.

[Interviewer (BBC Newscast Host)]

There are fewer vacancies and Unemployment's been going up.

[Rachel Reeves]

Well, the most recent data showed unemployment rate.

[Interviewer (BBC Newscast Host)]

No, unemployment is higher than it was when you moved.

[Rachel Reeves]

There are more people in work today than when I became Chancellor. And the economy grew faster than the United States, than Canada, than France and Japan, Italy and Germany, according to the most recent data. So there are more people working and the wages that people are taking home are higher than when I became Chancellor. And what do you think happened to that money? The money that we raised by increasing national insurance? It went into our National Health Service. And my job is making choices. And I had to decide whether I was willing to put up with NHS waiting lists fast approaching 8 million, or whether I wanted to bring them down. And I made a choice that I wanted to bring those down, but I had to find the money to be able to pay for it.

[Interviewer (BBC Newscast Host)]

And, you know, you've argued clearly why you made those decisions, but I just wonder, do you regret any of those decisions? Because it is the case, and there's huge amounts of evidence from businesses in this country that they feel those choices made it harder for them to take on staff, harder for them to grow, harder then for them to pay the taxes that would go to the things like the NHS that you so passionately believe in.

[Rachel Reeves]

I am absolutely certain if we could go back two years, there are choices that I made that would be different. But look at the big picture, look at the plan, look at the strategy that I have been pursuing. And that strategy was to return stability to the economy, to enable interest rates to come down. We are growing for the first time and seeing productivity growth in our economy at rates we haven't seen for a long while.

[Interviewer (BBC Newscast Host)]

The other thing that's been growing, though, is the country's debt. Now, you believe, and you've argued passionately, that you made the right big calls, but are you, as a departing Chancellor, potentially worried about the level of this country's debt? Is that a concern to you?

[Rachel Reeves]

Well, of course. I mean, debt is approaching the same size as our entire economy. That is what I inherited as Chancellor. But when I became Chancellor, I changed the fiscal rules that govern how much you can borrow and spend. And what we did to those fiscal rules. And this was a big change and probably the most fundamental that I've made as Chancellor. It freed up 120 billion pounds to invest in nuclear energy, in road and rail projects, particularly in the north of England, in digital infrastructure, so that we can seize those opportunities. As a result, we are investing in infrastructure in a way we haven't done as a country for A long time. And that is crucial.

[Interviewer (BBC Newscast Host)]

You look at the overall debt, the debts of this country since you walked into this building has gone up. Now, I know before you say it, that it is forecast to come down by the end of this Parliament and before that. But, but, but the truth is, and I think it's really important for people to hear this, the. The debt is forecast to be higher in 2029 than it was in 2024. And if you look at the long term, you know, just in the last couple of weeks, the official number crunchers, I know you have huge respect for them, they've put out a big warning saying the debts of this country is on a path that's unsustainable and it's gone up on your watch.

[Rachel Reeves]

There is a difference, Laura, between borrowing to invest and borrowing to fund day to day services. A little bit like the difference between borrowing to pay for the weekly shop and borrowing to buy a house. And it is perfectly reasonable to borrow to fund infrastructure investment that will have a payoff over years and decades to come.

[Interviewer (BBC Newscast Host)]

No regrets?

[Rachel Reeves]

No. I think the most important thing that I've done as Chancellor is to change the fiscal rules which has enabled us to invest once again. We are building new hospitals, we are rebuilding schools whose roofs were literally crumbling in because of concrete problems. So, no, it is the right thing to do to increase that investment.

[Interviewer (BBC Newscast Host)]

I remember watching the images of you walking into the treasury for the first time and you made a speech to the staff who were all assembled there to greet you. And I remember you telling us it was actually, it was quite emotional to stand there as the first female Chancellor. Would you like to stay as Chancellor?

[Rachel Reeves]

Well, those are decisions for Andy Burnham when he becomes Prime Minister. I'm not going to preempt and I'm not going to do that, but I'm incredibly proud of what I've done as Chancellor. And I know absolutely that when Andy walks through that door of number 10, and I'm excited about what that means for our country, and I signed Andy's nomination papers this week, I know that when he walks through that door that he is not going to have the same problems that we inherited two years ago, because we have returned stability and trust to economic policy in the UK and we have started that radical change of lifting kids out of poverty, investing in projects all around the UK and in something that I know that Andy cares passionately, passionately about, and that's fiscal devolution.

[Interviewer (BBC Newscast Host)]

Are you not a bit worried, though, that someone's going to be Prime Minister who Once kind of said, oh, well, the bond markets, to which the country owes billions and billions of pounds, are a bit of a pain and we shouldn't be in hook to them. You're not worried about that?

[Rachel Reeves]

Andy was Chief Secretary to the treasury when my good friend Alistair Darling was Chancellor and my good friend Gordon Brown was Prime Minister. And Andy absolutely knows, as I do.

[Interviewer (BBC Newscast Host)]

Did you tell him that at the time? Did you tell him off?

[Rachel Reeves]

I don't tell people off, but Andy knows, as do I, that the most successful Labour governments are those that combine change and radical change with credible economic policies. And that is what I know Andy believes in and I know that is what Andy will do as Prime Minister.

[Interviewer (BBC Newscast Host)]

Do you back the idea of number 10 north? I mean, what about number 11 north? I know, you know, you're a Leeds MP that's been sitting here in Westminster. Good idea.

[Rachel Reeves]

Absolutely. Up for devolving more powers and having more decision makers in the north of England. We already at the treasury have a campus in Darlington and that is hugely successful. We've got our second Permanent Secretary senior team based in Darlington, the sort of number 11 of the north, if you will. And I think having more decision makers, both officials and ministers, based in the north of England and in different parts of the country would be a good thing for policy making. Because the truth is, I want to expand on this because it's something I care hugely about. The truth is there are different needs but also different opportunities in different parts of the country. And if you hold power in too narrow part of the country and too small, a number of people with a sort of similar mindset and making decisions, they're not going to be the right decisions for places like my constituency in Leeds or Andy's in Wigan.

[Interviewer (BBC Newscast Host)]

You know, you haven't just been the Chancellor, you're a highly experienced politician. You've been on the front line, as it were, for a long time and you were absolutely central to Keir Starmer's whole project. What do you think, reflecting back is the biggest reason why it's come to an end like this?

[Rachel Reeves]

I think governing is hard today. I was just with finance ministers from other European countries earlier this week, and governing is hard across a number of developed economies today. There have been a lot of shocks in recent years, whether that's Covid, Russia's invasion of Ukraine, now the conflict in the Middle east, increasing barriers to trade around the world. And at the same time those things are going on, you've also got this huge impatience for change, and I absolutely get that. And I think sometimes that change isn't happening at the pace people want it and we've got to drive that change forwards more rapidly so that people feel it in their everyday lives. But we have to be careful to do it in a way that doesn't undermine that credibility and trust that we've rebuilt in the economy. Because unless you have, that change of any sort isn't possible. And that is what you have to marry up, really, as Prime Minister and

[Interviewer (BBC Newscast Host)]

Chancellor, I know how hard you and Keir Starmer worked alongside each other for years, and the experience of it slipping away for this version of Downing street must have been very difficult. When did you realise that it was over?

[Rachel Reeves]

Well, you see, I just don't see it in those terms, Laura, because I've been an MP now for just over 16 years. 14 of them were in opposition and two and a bit have been in government. So Kia won't be Prime Minister in just over a week's time. And Kira's a good friend. He's more than a colleague to me, he's been a good friend. And it's because Kia changed the Labour Party that we've been able to start to change our country for the better. And it's because of Kia that I am the Chancellor and the first ever female Chancellor of the Exchequer. But Labour government isn't slipping away. We're moving to the next phase of this Labour government with Andy as Prime Minister. And it's quite clear that at the next election, the biggest challenge for Labour is going to come from reform. And I think Andy is the right person to take our country and our party, but most importantly, our country, on the next stage of this journey.

[Interviewer (BBC Newscast Host)]

But it has been a huge deal. You can't dismiss the fact that the Labour Party has decided to get rid of its leader. And we know now that some of your colleagues, Louise Hager said this on the record, that some of your colleagues were planning with Andy Barnum to move into number 10 for more than for a year. Is that disappointing to you to hear that? That all that time when you were working so hard, there were colleagues who were trying to get you and Keir Summer out of these jobs that you worked so hard for?

[Rachel Reeves]

Well, look, I think it is perfectly reasonable for people to have ambition. And Andy has never shied away from the fact that he wanted, at some point, to lead the Labour Party. And I want him to be ready for that because I want him to be a success and I am sure he will be. But it is important that when Andy walks through that door that he has a work through plan because governing is hard in Britain and lots of lots of challenges and shocks will come his way. And what is really important is that him and his team are really clear about what they want to achieve. But as those shocks come along, he needs to stay laser focused on those things that have always motivated him, have always driven him and are the reason why he wants to lead our great country.

[Interviewer (BBC Newscast Host)]

Is that perhaps what Keir Starmer didn't quite get wrong, that focus on exactly what he wanted to do?

[Rachel Reeves]

I think that very few of us in government had been in government before and I feel two years in as Chancellor, I have a clearer idea now of how to get things done in government. This job has been the absolute privilege of my life. But it is important through all the shocks that come your way, that you are focused.

[Interviewer (BBC Newscast Host)]

I think today you've been very candid about the fact that just doing these big jobs is really hard, governing is

[Rachel Reeves]

hard, but I'm not complaining about that. I never wanted to do this job because I thought it was going to be easy. But this is a job I love. And every day when I walk into the Treasury, I feel immensely proud to be a Labour Chancellor.

[Interviewer (BBC Newscast Host)]

And I think people would want to know what the hardest bit has been and what the best bit has been. So what's the hardest? Is there a moment where you really felt the big, big strain? What's the hardest thing been?

[Rachel Reeves]

Well, I would say don't cry on national television. That was probably my toughest moment, or perhaps even tougher. Seeing the photos of me crying on national television, on the front page of pretty much every newspaper the following day. But even that day was better than the 14 years in opposition when I was powerless to change anything in this country.

[Interviewer (BBC Newscast Host)]

I don't want to pry about it unnecessarily, but you raised it. Would you tell people what was going on? Because there was a rumor you'd had a fight with the speaker and something else had happened.

[Rachel Reeves]

It was a tough day and we all have tough days. You know, I talked to my friends and people wrote to me saying, you know, that happened to me once and the only difference is that I was on the telly. So, you know, people had difficult days at work and that was fun for me. But yeah, that's where you should cry. Not on the television. So that was my toughest day. But standing up there and delivering a Labour budget, standing outside number 11 Downing street and doing that. But actually, you know, you think about the people I'm in this for. I went to a school. And I spoke about this, actually, in my Labour Party conference speech last year, and it really brings home to me why I'm in this job. And it was a breakfast club. It was 8:30 in the morning and I was sitting on the carpet with this little boy and he was playing with his Lego and he was really proud of what he was building and he was telling me all about it and he was incredibly engrossed and he was a really engaging and captivating little boy. And at the end, I spoke to one of the teachers about him and the teacher said to me, do you know what, Rachel? When we started this breakfast Club, this boy didn't talk. He didn't talk at all. The breakfast club provides more than the teacher's time or the breakfast cereal. It provided an opportunity for that little boy and thousands and thousands like him to get to school a little bit early, to have that time, maybe a bit more personal time, with a teacher or a teaching assistant to start the day ready, to learn, to have maybe his horizons expanded a little bit and maybe a better future. And so, for all the tears and all the difficult days and the mistakes perhaps, that I've made, it's absolutely worth it to know that that boy has got chances and opportunities today that he wouldn't have had without me as Chancellor, without a Labour Chancellor.

[Interviewer (BBC Newscast Host)]

And one final question. You've written books about prominent female figures in politics. I think one of them is even on the table, casually laid there. If you were writing about yourself, what would you say?

[Rachel Reeves]

Well, I don't plan to do that, but I will go down in history as the first female Chancellor. But what I really hope is that something I said, actually, when I gave my first speech as Chancellor, that I would know my time in office was a success if young women and girls felt that there should be no ceiling on their ambition. And I do know, and I do believe that there are young women today who say, maybe I could do that job one day. That's a great thing. Have I done everything right? No. Can anyone say that about any job they've done? Probably not. But the big decisions I've made that have enabled our economy to grow, interest rates to fall and inflation to be tamed, and those everyday choices about libraries, about breakfast clubs, about free school meals, around lifting kids out of poverty, about reducing NHS waiting lists, spending more on defence, investing in the infrastructure that our country needs, those things have changed because of the decisions I've made, and I'm proud of that.

[Interviewer (BBC Newscast Host)]

Rachel Reeves, Chancellor, thank you very much for speaking to us.

[Rachel Reeves]

Thank you. Newscast.

[Interviewer (BBC Newscast Host)]

Newscast from the BBC.

[BBC Newscast Host Closing]

Well, thank you for making it to the end of another newscast. You clearly ooze stamina. Can I gently encourage you to subscribe to us on BBC Sounds? And then, without having to do anything else, our meandering chat will miraculously make its way to your phone.