Rachel Reeves has announced she is stepping down as Chancellor, describing it as “the privilege of my life” to serve in the role.

In her resignation letter, she said the Labour government had restored stability, delivered investment and begun economic reform, adding that she was proud of the impact on working people and hoped her time in office would inspire future generations. Reeves also pledged her full support to Prime Minister Andy Burnham and his successor, who is widely expected to be Shabana Mahmood.

David Lammy has also confirmed he is leaving the government as part of Andy Burnham’s reshuffle. In a statement, Lammy said he would have been proud to continue serving but accepted the Prime Minister’s right to build his own team. Reflecting on his time in government, he highlighted work on foreign policy, justice reform, investment in the courts and prisons, and support for Ukraine, before confirming he will continue as Labour MP for Tottenham from the backbenches.

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