New UK Chancellor: Tories Didn’t Leave A Huge Amount Of Money

Rachel Reeves has issued a damning assessment of the state of the UK’s finances.

Reeves' comments on the economy come 14 years after Labour’s ex-Chief Secretary to the Treasury, Liam Byrne, left a note for his successor to say there was "no money" left when his party lost power in 2010. I Photo: Rachel Reeves Facebook

The new chancellor of the exchequer said she was inheriting a depleted economy from the Tories that would create a “challenge” for the new Labour government, Faisal Islam and Chris Newlands reported for BBC News.

“There’s not a huge amount of money there,” Reeves told the BBC. “I know the scale of the challenge I inherit.”

Reeves said she would lean on the private sector to cover the shortfall. “Private-sector investment is the lifeblood of a successful economy. We need to unlock private-sector investment,” she said.

Sir Keir Starmer has become the UK's first Labour prime minister since 2010 after his party's landslide general election victory. Labour is returning to power with a huge parliamentary majority of 174, following a collapse in support for the Conservatives.

Reeves' comments on the economy come 14 years after Labour’s ex-Chief Secretary to the Treasury, Liam Byrne, left a note for his successor to say there was "no money" left when his party lost power in 2010.