The seven Labour MPs most definitely to switch Rachel Reeves as Chancellor in 2026 | Politics | News | EUROtoday
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Chancellor of the Exchequer Rachel Reeves speaks to the media as she arrives for the Wales Investmen (Image: PA)
With Chancellor Rachel Reeves within the highlight and beneath monumental stress after her autumn Budget—which delivered £40 billion in tax rises amid accusations of deceptive the general public on the size of the fiscal problem, chaotic leaks, and a bruising political fallout—she stays a central determine in ongoing financial debates as 2025 attracts to an in depth.
While Prime Minister Keir Starmer has repeatedly expressed full confidence in Ms Reeves, insisting she is doing a “fantastic job” and can proceed within the function all through this parliament, hypothesis about attainable successors is inevitable in Westminster’s unforgiving atmosphere, significantly with persistent questions over development, borrowing prices, and occasion unity heading into 2026.
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Pat McFadden (Betting odds: 5/4)
A veteran of the New Labour period, he served as a key advisor to Tony Blair earlier than getting into Parliament in 2005 and has since held a variety of senior financial and enterprise roles.
Currently serving as Chancellor of the Duchy of Lancaster and an in depth confidant of Keir Starmer, Mr McFadden is the bookmakers’ clear favorite.
His in depth authorities expertise and popularity as a protected, trusted operator make him the main selection for stabilising the Treasury amid ongoing financial pressures.
Pat McFadden, Chancellor of the Duchy of Lancaster (Image: Getty)
Torsten Bell (Betting odds: 7/2)
Before changing into an MP in 2024, he spent practically a decade because the Chief Executive of the Resolution Foundation, the place he grew to become one of many UK’s most influential voices on dwelling requirements and inequality.
The former think-tank director and present Treasury minister affords deep financial experience and has performed a key function in Budget preparations.
His technocratic strategy and deal with development and welfare reform place him strongly if Starmer prioritises coverage depth in a alternative.
Torsten Bell is one other risk (Image: Daily Record)
Darren Jones (Betting odds: 7/1)
A former client rights solicitor who grew up in a working-class Bristol family, he gained a popularity as a formidable interrogator whereas chairing the Business and Trade Select Committee.
As Chief Secretary to the Treasury, Mr Jones serves as Ms Reeves’ deputy and is admired for his detailed grasp of financial issues.
Already embedded within the Treasury, he represents continuity with a youthful, rising perspective, making him a pure insider successor.
Darren Jones MP, Chief Secretary to the Treasury (Image: GETTY)
Wes Streeting (Betting odds: 9/1)
A former President of the National Union of Students who rose from a council property in East London to review at Cambridge, he has turn into one in every of Labour’s most outstanding media performers.
The Health Secretary has stood out as a powerful cupboard communicator with large occasion enchantment.
Although missing direct Treasury expertise, his political acumen and potential as a future chief might make him interesting for a task emphasising public messaging and unity.
Health Secretary Wes Streeting (Image: Getty)
Jonathan Reynolds (Betting odds: 10/1)
He educated as a solicitor and has held frontbench roles for each Labour chief since Ed Miliband, growing a deep speciality in industrial technique and the monetary providers portfolio.
As Business Secretary, Mr Reynolds brings related financial portfolio expertise and a pro-growth outlook aligned with Labour’s priorities.
His work on industrial technique and commerce might go well with a Treasury shift in the direction of funding and productiveness.
Jonathan Reynolds (Image: Getty)
Yvette Cooper (Betting odds: 12/1)
A former financial journalist and Harvard scholar, she made historical past in 2008 as the primary lady to function Chief Secretary to the Treasury in the course of the international monetary disaster.
The Home Secretary is a senior determine with immense heavyweight standing and previous cupboard roles that present deep financial perception.
Her competence might present stability in a difficult interval, although her present Home Office focus makes an instantaneous swap much less possible.
Foreign Secretary Yvette Cooper (Image: Getty)
Anneliese Dodds (Betting odds: 16/1)
Prior to politics, she was a professor of public coverage and an MEP, particularly specializing in monetary regulation and the prevention of tax avoidance.
A former Shadow Chancellor who stepped again from the frontbench financial function in 2021, Ms Dodds retains sturdy coverage credentials from opposition days.
Her expertise in worldwide improvement retains her in cupboard, providing a return possibility with a confirmed fiscal scrutiny background.
Anneliese Dodds is a former Shadow Chancellor (Image: Getty)
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These candidates mix Treasury proximity, Starmer loyalty, and high-profile competence, with markets favouring expertise as hypothesis round Ms Reeves continues into 2026.
Odds are approximate from latest bookmaker knowledge (as of December 2025) and fluctuate.
https://www.express.co.uk/news/politics/2147648/rachel-reeves-most-likely-labour-mps-replace-her