Rachel Reeves, along with two colleagues, was subject to an expenses investigation during her tenure as a senior manager at Halifax Bank of Scotland (HBOS) in the late 2000s. Additionally, it has been revealed that the chancellor’s online CV overstated the length of her employment at the Bank of England.
When asked about the inaccuracies on her CV, Labour leader Sir Keir Starmer stated that Reeves had “dealt with any issues that arise.” According to a senior source familiar with the probe, the initial phase of the investigation found that a whistleblower’s complaint was substantiated, indicating that Reeves and her colleagues appeared to have violated rules. However, it remains unclear what the final conclusion of the inquiry was, or whether it was ever formally completed. A spokesperson for Reeves asserted that she had no knowledge of the investigation, always adhered to expenses policies, and left HBOS on good terms.
In a brief exchange with a reporter, Sir Keir was questioned about Reeves’s CV and whether he was “comfortable that she exaggerated her relevant experience.” The prime minister responded that the matter was from “many years ago” and emphasized that both he and the chancellor were focused on reviving the economy, which had suffered under the previous government, to ensure growth was reflected in working people’s financial well-being.
Conservative leader Kemi Badenoch expressed concerns over the investigation, questioning Reeves’s credibility. On social media, she referenced Sir Keir’s previous remarks about restoring trust in politics and stated that Reeves needed to be transparent not only about her CV but also about the circumstances of her departure from HBOS.
Reeves has frequently cited her experience at the Bank of England as a reason voters should trust her with managing public finances, repeatedly claiming to have worked there for up to ten years. However, records indicate that she left nine months earlier than stated on her LinkedIn profile. While her public statements suggested she spent a decade at the central bank, in reality, her tenure amounted to five and a half years, including nearly a year spent studying for a Master’s degree.
Her LinkedIn profile initially listed her employment at the Bank of England from September 2000 to December 2006. However, BBC News determined she had left by March 2006 to begin working at HBOS in West Yorkshire. A spokesperson for Reeves acknowledged the inaccuracy, attributing it to an administrative error made by her team and stating that she had not reviewed the profile before it was published.
Before the prime minister was interviewed, a Downing Street spokesperson affirmed that Sir Keir had no concerns about Reeves’s conduct. When asked whether he still believed Reeves had integrity following the update to her career history, his official spokesperson replied affirmatively, emphasizing that the chancellor and the prime minister were working together to implement their plan for economic growth and improved living standards. The spokesperson also confirmed that Reeves had undergone the standard Cabinet declaration process regarding her previous employment.
Reeves’s LinkedIn profile was updated on the morning BBC News published its findings, adjusting her departure date from the Bank of England to March 2006. Her employment timeline at HBOS was also revised to reflect more accurate dates.
A photograph taken in March 2006 shows Reeves alongside HBOS colleagues at the Council of Mortgage Lenders annual lunch. A former HR official at the bank, who facilitated Reeves’s relocation, confirmed that she had started working there that month. Despite this, in a 2021 magazine interview and multiple speeches, Reeves continued to claim she had spent a decade at the Bank of England. A Labour Party document from the previous year similarly stated that she had spent “most of the first decade of her career” at the institution.
Reeves’s employment at HBOS officially ended in mid-May 2009, though her LinkedIn profile previously listed her departure as December 2009. Records indicate she signed a compromise agreement upon leaving, with an invoice for legal services noting that her employment had been “terminated by her employer.” At the time, HBOS was undergoing restructuring, and a spokesperson for Reeves said she had opted for voluntary redundancy.
A compromise agreement, now referred to as a settlement agreement, is a legal document used in cases where senior managers are made redundant. Reeves was permitted to retain a company car for six months following her departure. She then spent a year focusing on her political campaign ahead of the 2010 general election without seeking further employment.
Reeves, currently the MP for Leeds West and Pudsey, has previously faced scrutiny over her online CV. Last year, her LinkedIn profile was amended to describe her role at HBOS as “Retail Banking.” It had previously stated that she worked as an economist at the bank, though she actually held a managerial position in the Customer Relations department, which dealt with complaints.
In November, the controversy surrounding Reeves’s CV was raised in the House of Commons, with several MPs questioning Deputy Prime Minister Angela Rayner on the issue. Journalists also pressed the prime minister’s office on whether Sir Keir expected his Cabinet members to be truthful about their professional histories. A spokesperson for the prime minister responded that the matter concerned “the chancellor’s time before she was the chancellor” and reiterated that the government’s priority was to have a chancellor capable of managing public finances and being transparent with the public.
