UK bond yields rise sharply amid speculation over future of Rachel Reeves
GuardianJUN 29
UK: Pound Falls, Gilt Markets Rise as Chancellor Cries at PMQs
Above: Prime Minister Sir Keir Starmer and Chancellor of the Exchequer Rachel Reeves on June 23, 2025. Image copyright: Jacob King/WPA Pool/Getty Images
The Spin
Pro-government narrative
Reeves deserves recognition for her strength as Chancellor during challenging times. While everyone makes mistakes, Reeves has continually faced intense scrutiny that often seems disproportionate as she takes the brunt of the government's most difficult decisions to ensure economic stability. Personal moments of vulnerability are natural, and the Chancellor is here to stay.
Opposition narrative
Reeves' Commons breakdown has undermined her "Iron Chancellor" image and reveals an individual out of her depths. Both the chancellor and Starmer alike have witnessed seismic blows to their authority, and remain unable to implement an effective economic strategy. While no pleasure should be taken in seeing Reeves so visibility upset, it is clear she is no longer up to the job.