Rachel Reeves will not last more than a few months in office, Reform UK leader Nigel Farage has said, claiming the “tired” looking Chancellor is “totally out of her depth”.
The MP for Leeds West and Pudsey is under intense pressure after UK government bonds – also known as gilts – saw 10-year yields rise to fresh highs not seen since 2008, consequently pushing up the cost of borrowing.
The pound also fell to a fresh 14-month low on Monday, at $1.21 dollars.
Ms Reeves made her first appearance in the House of Commons since returning from China, mounting a bullish defence of her economic policies in the face of fierce criticism.
However, speaking on GB News, Clacton MP Mr Farage was unconvinced, saying: “Now, to be fair, this was not a last-minute panic trip, it was booked some time ago.
“I have little doubt she would have urged the Chinese, ‘please, please, please buy government bonds’, because our 10 and 30 year yields that mean interest rates have been going up and up over the course of the last few weeks.
“That at the same time as inflation is going up, as growth is at best, flatlining, and the pound is starting to tumble on the exchanges.”
Assessing her performance at the despatch box, Mr Farage continued: “I have to say, I thought her speech today, frankly, was a nothingness. I believe she’s completely and utterly out of her depth.
“And when she says that growth is the number one mission of this government, well, you know what? Increasing the size of the public sector whilst at the same time doing things that reduce the size of the private sector is not, in my opinion, a recipe for growth.”
He said that Ms Reeves “looks tired”.
Mr Farage added: “But somehow I get the feeling she won’t last more than a few months.”
Ms Reeves told MPs: “We have seen global economic uncertainty play out in the last week.
“But leadership is not about ducking these challenges, it is about rising to them.
“The economic headwinds that we face are a reminder that we should – indeed, we must – go further and faster in our plan to kickstart economic growth.”
In response, Shadow Chancellor Mel Stride said: “This whole sorry tale is nothing short of a Shakespearean tragedy, playing out before our eyes. This is the Hamlet of our time. They promised the electorate much, while pouring the poison into their ear.
“At the end, you can feel the end, the Chancellor flailing, estranged, it seems, from those closest to her, those about her falling, the drums beating ever closer.
“To go or not to go? That is now a question. The Prime Minister will be damned if he does, but he will surely be damned if he does not. The British people deserve better.”
Sir Keir Starmer initially offered tepid public backing for Reeves on Monday, stopping short of stating unequivocally that she would remain in her post until the next election, a move which has raised eyebrows among political observers.