Pat McFadden who is a veteran politician and served under Tony Blair and Gordon Brown has been “rumoured” to replace Rachel Reeves as the Chancellors should the Prime Minister sack her amid the growing economic crisis.
McFadden is seen as safe politician who has many years of experience as an MP is the bookies favourite to replace Reeves.
Mel Stride warned the Prime Minister on Tuesday that he is “damned if he does” sack the Chancellor and “he will be damned if he does not.”
Quoting Shakespear’s Hamlet Stride asked, “to go, or not to go, that is now a question,” then accused Labour of giving promises to voters by “pouring the poison into their ear.”
Stride told MPs in the house of Commons on Tuesday, “We have seen it all before. Socialist governments, that think they can tax and spend their way to prosperity, Labour governments that simply do not understand that if you tax the living daylights out of business, you will get stagnation
“They do not understand, because there is barely a shred of business experience on the frontbench opposite.”
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The Tory leader Kemi Badenoch said on Monday Reeves is clinging on to her job “by her fingernails” as the economy is “flatlining” and the Prime Minister has “refused to back his Chancellor staying in her job.”
Badenoch said that the Chancellor has “crashed” business confidence despite Labour promising “stability.”
The Shadow Business Secretary Andrew Griffith has warned on Monday that Reeves is “so out of her depth” that she needs “a decompression chamber.”
William Kedjanyi, Political Betting Analyst at Star Sports, said, “Rachel Reeves has found herself in some hot water of late due to market turbulence and the pound falling to a near 15-month low, and speculation on whether her job as Chancellor of the Exchequer is safe has begun, with Minister for Intergovernmental Relations Pat McFadden rumoured to be in line to replace Reeves.
“McFadden is the strong market leader at 2/1 to take on Reeves’ responsibilities as Chancellor should she be removed from her position, with Chief Secretary to the Treasury Darren Jones second in the running at 4/1.
“Jonathan Reynolds, the current Secretary of State for Business and Trade, rounds off the top three in the betting at 6/1.”
