No 10 backs Rachel Reeves to remain in post for rest of parliament

Keir Starmer offers support to underfire chancellor after bruising start to new year

Rachel Reeves will remain as chancellor until the next general election, Keir Starmer has insisted, as he warned the Treasury would be ruthless" over public spending cuts to help meet the government's fiscal rules.

The Treasury is looking for billions of pounds of savings from departmental budgets to balance the books at this summer's spending review, after another difficult day for the economy that saw the cost of government borrowing rise and the value of the pound fall.