Treasury Minister Rachel Reeves shed tears in the British Parliament amid controversy over her position and turmoil in the financial markets as Prime Minister Keir Starmer stepped forward to clarify.
On the 3rd (local time), Minister Reeves gave a speech at a government event announcing the 10-year plan for the National Health Service (NHS) held at a health facility in London, alongside Prime Minister Starmer and Health Minister Wes Streeting. Minister Reeves' visit was reportedly unplanned.
On that day, Prime Minister Starmer was also seen hugging Minister Reeves. This was analyzed as an action to allay the financial market following speculation about Minister Reeves' dismissal that surfaced the previous day.
During the Prime Minister's Questions (PMQ) in the House of Commons the previous day, Prime Minister Starmer avoided a direct answer to a question about Minister Reeves' position. Minister Reeves, seated with Starmer, soon shed tears.
As speculation about Minister Reeves' dismissal emerged, UK government bond yields immediately plunged into chaos. On the 2nd, the yield on 10-year bonds briefly rose to 4.6296%, marking the most severe bond sell-off since 2022. The yield on 30-year government bonds also surged. An increase in bond yields signifies a decrease in prices.
Prime Minister Starmer took to BBC interviews to address the situation. He noted that 'Minister Reeves looked troubled due to personal matters unrelated to politics' and asserted that 'he will continue to serve as Treasury Minister for a long time.' Following Prime Minister Starmer's remarks, the financial market showed signs of stabilization.
Minister Reeves stated in her speech that the Treasury will support an NHS investment plan nearing £30 billion (55.9 trillion won) as previously announced.
He mentioned in a media interview that he was not in a good frame of mind due to personal matters unrelated to politics.
He said, 'Clearly, I was upset yesterday, and it was a personal issue. I won't go into detail,' and added, 'As Treasury Minister, I attend PMQs every Wednesday to support the Prime Minister. Unlike many others, I have to stand in front of the TV even when I'm having a tough day.'