How a Tear or Two Spooked Markets and Dominated the UK's Political Narrative

Al Arabiya

8 hours ago

The weekly Prime Minister's Questions (PMQ) session in Parliament can be challenging for the UK leader. Cabinet members typically support their leader. However, on Wednesday, Chancellor of the Exchequer Rachel Reeves became the focus as she cried while sitting beside Prime Minister Keir Starmer. The reason for her tears, later described as personal, is unknown. They occurred as Starmer defended against claims that his year-old government was losing authority and that he might fire Reeves.
Traders reacted with concern, causing the interest rate on the UK's 10-year benchmark bond to rise sharply and the pound to fall. These market movements indicated investor's declining confidence in UK financial assets. Reeves had become synonymous with fiscal discipline, particularly the rule of balancing day-to-day government spending with tax revenue, according to Andrew Wishart, an economist at Berenberg Bank. 'The markets are concerned that if the Chancellor goes, such fiscal discipline would follow her out of the door,' he added. After Starmer confirmed on Thursday that Reeves would remain in her position, the markets stabilized.
PMQ resembles a gladiatorial contest. Little deference is shown to the prime minister, who is considered the first among equals. Like other Members of Parliament, the prime minister represents one of 650 constituencies. This shared connection is evident every Wednesday at noon in the House of Commons. Starmer faces thirty minutes of questioning from both allies and opponents each week, with potential for difficult inquiries. The leader of the largest opposition party, currently the Conservative Party's Kemi Badenoch, has the best opportunity to challenge the prime minister. With six questions, she can set traps and attack aggressively. Typically, it's more theater than substance, yet this weekly exchange is the most-watched parliamentary event globally, including on C-Span in the US.
This week's session carried higher stakes due to the chaotic lead-up to a welfare reform bill. With opposition from many Labour lawmakers, Starmer was forced to abandon key aspects of the bill–a political and economic setback. For a prime minister with a substantial majority, this signaled weakness. Many Labour MPs blamed Reeves for her strict adherence to budget rules. Starmer was flanked by Reeves, who appeared unusual, with noticeable bloating around her eyes. Badenoch was unsympathetic, calling Reeves 'absolutely miserable' and a 'human shield' for Starmer. She asked Starmer if he could reiterate his pledge that Reeves would remain in her post until the general election, due by mid-2029. While Starmer praised Reeves's economic management, he didn't provide the requested assurance, and it was at this point that Reeves wiped away a tear. 'How awful for the Chancellor that he couldn't confirm that she would stay in place,' Badenoch remarked.
Starmer's office faced inquiries about Reeves's tears. Was it hay fever? Had Starmer told Reeves she would be dismissed for the government's recent difficulties and declining approval ratings? Starmer's spokesperson attributed it to a personal matter, insisted Reeves's position was secure, and affirmed the prime minister's full support. Later, Starmer told the BBC that Reeves would remain Chancellor for 'a very long time' and that it was 'absolutely wrong' to link her distress to the welfare U-turn.
Images of Reeves's emotional state dominated newspapers and remained a major news item. Starmer reiterated on Thursday that Reeves would stay in her role for years and explained his lack of comforting her during PMQ. 'In PMQ, it is bang, bang, bang,' he said at an event where he and Reeves hugged. 'That's what it was yesterday, and therefore I was probably the last to appreciate anything going on in the chamber.' Reeves appeared more composed. 'People saw I was upset, but that was yesterday,' she told Sky News. 'I guess the thing that is different from my job and many of your viewers is that when I'm having a tough day, it's on the telly.'