Rachel Reeves has been appointed as the UK's first female Chancellor.

Newly elected Prime Minister Keir Starmer began assembling his cabinet on Friday afternoon shortly after addressing the nation from Downing Street. 

It comes after Reeves, who was previously Shadow Chancellor, won 18,976 votes in her Leeds West and Pudsey. constituency.

The new Chancellor beat Conservative candidate Tory Lee Farmer who received 6,584 votes.

In her victory speech, Ms Reeves said: “You have put your trust in me and I will not let you down.

“We have promised to end the chaos, to turn the page and get to work rebuilding our country.”

But she added: “There are no quick fixes and hard choices lie ahead. It will demand hard work and harder choices. I am ready for them.”

Sir Keir Starmer becomes the first Labour Prime Minister since 2010. ( PA Newswire)Sir Keir Starmer becomes the first Labour Prime Minister since 2010. ( PA Newswire) (Image: PA Newswire)

Speaking before her official appointment as Chancellor, Reeves noted that she was inheriting a depleted economy from the Conservatives that would create a “challenge” for the new Labour government.

“There’s not a huge amount of money there,” Ms Reeves told the BBC.

“I know the scale of the challenge I inherit.”

Who is Rachel Reeves?

Before becoming Chancellor, Rachel Reeves was a Bank of England economist.

Reeves was born in 1979 in Lewisham, southeast London, to Graham and Sally Reeves, who were both teachers.

Her sister, Ellie Reeves used to be the Labour MP for Lewisham and Penge West

She was first elected in 2010 for the seat of Leeds West and she was appointed to her first shadow ministerial role that year in the Department for Work and Pensions.

Reeves was then promoted to shadow work and pensions secretary three years later.

She has also served as Shadow Chancellor of the Exchequer since 2021.

Labour has won a majority of 174 seats in the UK General Election. ( PA Newswire)Labour has won a majority of 174 seats in the UK General Election. ( PA Newswire) (Image: PA Newswire)

The appointment comes as Sir Keir became the country's first Labour Prime Minister since 2010.

Labour has won a majority of 174 seats with 412 seats in total.

Meanwhile, the Conservatives saw a collapse in support with a loss of 250 seats - bringing them to 121 seats.

In his first speech outside Downing Street, Sir Keir Starmer said that his new Government has been given a “clear mandate” by voters, saying: “And we will use it to deliver change, to restore service and respect for politics, end the era of noisy performance, tread more lightly on your lives and unite our country.

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“Four nations standing together again facing down, as we have so often in our past, the challenges of an insecure world, committed to a calm and patient rebuilding.

“So, with respect and humility, I invite you all to join this Government of service in the mission of national renewal.

“Our work is urgent and we begin it today.”