Starmer’s Aides Back Reeves After Tears Prompt UK Selloff

WATCH: Starmer failed to fully back Reeves when asked if she would stay on as Chancellor.Source: Bloomberg

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By Alex Wickham, Joe Mayes, and Ailbhe Rea

July 2, 2025 at 7:28 AM EDT

Updated on

July 2, 2025 at 11:26 AM EDT

UK Prime Minister Keir Starmer’s aides scrambled to express support for Rachel Reeves after his chancellor’s tearful appearance in the House of Commons spurred a UK market selloff amid speculation about her future.

A visibly emotional Reeves sat next to Starmer in the chamber on Wednesday as the premier batted away opposition questions about a humiliating government U-turn a day earlier on planned welfare reforms that left the chancellor with a widening budgetary hole to fill. Markets reacted strongly as Starmer initially failed to back his finance minister when asked, before his team rowed in behind her in subsequent briefings.