BlogDiario.info
London, 03/07/2025
Rachel Reeves, the newly appointed Chancellor of the Exchequer, couldn’t hold back tears — or the pound. As Prime Minister Starmer dodged questions about her future, markets didn’t wait for clarification: they dumped assets in a panic, wiping out €3 billion in a single trading day.
Ms Reeves cried before, during and after Prime Minister’s Questions, while analysts shed tears for different reasons: the 10-year government bond yield soared to heights unseen since the Truss Era. To top it off, the pound dropped nearly 1% against the dollar. No one applauded.
All of this came after a welfare cuts package — aimed to save £4.5 billion annually — was gutted like a fish on a Westminster sidewalk. Now, tax hikes loom like storm clouds over the Treasury.
“I’m just under so much pressure,” Reeves reportedly told the Speaker before the session. And no doubt — political, economic and emotional pressure spares no one. But when confidence falls faster than the currency, it’s more than personal: it’s systemic.
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