Yes, she's under fire for that budget – but now the Chancellor's honesty is in question
We may all be muttering under our breath about what the last Labour government’s budget has done to mortgage rates – but things may be getting a bit more heated for Chancellor Rachel Reeves after a major investigation.
Concerns have now been raised about the accuracy of Reeves’s online CV and the handling of expenses from her time working at a mortgage lender, following an investigation by BBC News.
The BBC’s reporting says that Reeves was part of an expenses inquiry while serving as a manager at Halifax Bank of Scotland (HBOS) in the late 2000s, during which (at least at a preliminary stage) she was found to have breached company rules. Additionally, inconsistencies have emerged regarding the length of time she spent working at the Bank of England, with her online professional profile overstating how long she actually worked there.
Read more: HSBC to raise mortgage interest rates again as Reeves budget effect continues
Prime Minister Sir Keir Starmer, when questioned about the discrepancies in Reeves’s CV, defended her, stating that she had "dealt with any issues that arised." He emphasized that their primary focus remains on economic recovery, asserting, "We get up every day to... make sure that the economy in our country … is revived and we have growth, and that is felt in the pockets of working people across the country."
A whistleblower’s report into the HBOS investigation was reportedly upheld at the preliminary stage, with a source indicating to the BBC that Reeves and two colleagues appeared to have breached company rules. However, the final outcome of the investigation remains unclear, and it is uncertain whether it ever reached a conclusion.
A spokesperson for Reeves dismissed any wrongdoing on her part, stating that she was unaware of the probe, had always adhered to expense policies, and left HBOS under positive circumstances. Reeves has denied being spoken to about the expenses issue, telling the BBC: "No-one ever raised any concerns about my expenses when I worked for Halifax Bank of Scotland. I submitted and had my expenses signed off in the proper way, as you would expect." The issues raised about Reeves included spending on meals, handbags, and perfume.
Questions over Reeves’s CV
Reeves has frequently referenced her experience at the Bank of England as a key credential demonstrating her financial expertise. However, her LinkedIn profile initially claimed she worked there for a decade, despite records showing that she departed in March 2006 - nine months earlier than the listed date of December 2006. This means she spent approximately five and a half years at the institution, including the year studying for a Master’s degree at the London School of Economics (LSE). Critics have rounded on her mathematics – as four and a half years actually at the Bank’s premises is hard to justify rounding up to a decade.
Her profile was quietly updated just before the BBC’s report was published, revising the dates to accurately reflect her time at both the Bank of England and doomed lender HBOS. Her team attributed the previous errors to an "administrative mistake."
A former HR employee at HBOS, who assisted with Reeves’ relocation, recalled that her first day at the bank was in March 2006. This contradicts earlier claims that she remained at the Bank of England until December of that year.
Reeves also stated in a 2021 interview, later shared on X, "I spent a decade working as an economist at the Bank of England and loved it." Similarly, in speeches at both a Labour Party business event and a CEO summit, she claimed she had "spent the best part of a decade" at the central bank.
There are now also doubts about her departure from mortgage lender HBOS. Her LinkedIn profile initially claimed she worked there until December 2009, but records indicate she left in mid-May of that year. Documents confirm that her departure was the result of a compromise agreement, a legal arrangement typically used when senior managers were made redundant. At the time, HBOS was undergoing a restructuring process. Reeves’ spokesperson clarified that she had taken voluntary redundancy as part of these changes. Her LinkedIn profile has also been changed to amend her role at HBOS to be in retail banking rather than an economist, as it previously claimed.
Additionally, while working at HBOS in West Yorkshire, Reeves stood for election in Bromley, South-East London, in a by-election on June 29, 2006 - months after she had accepted a relocation package to move north. It is understood that she maintained a flat in London while renting in Leeds during this period.
Despite the revelations, Downing Street expressed confidence in the Chancellor, stating there were no concerns regarding her conduct. When asked if Starmer continued to trust Reeves after her CV was amended, his spokesperson responded: "Yes. The Chancellor and the prime minister are working hand in hand."
However, Conservative leader Kemi Badenoch suggested the matter raised broader questions about transparency in politics. She wrote on X: "Keir Starmer said 'restoring trust in politics is the great test of our era.' Until she [Reeves] comes clean - not just about her CV but about the circumstances in which she left HBOS, no-one will take him seriously."
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