The seveп  Laboυr MΡs most likely to reρlace Rachel Reeves as Chaп cellor iп  2026

Chancellor of the Exchequer Rachel Reeves speaks to the media as she arrives for the Wales Investmen (Image: PA)

With Chancellor Rachel Reeves in the spotlight and under enormous pressure after her autumn Budget—which delivered £40 billion in tax rises amid accusations of misleading the public on the scale of the fiscal challenge, chaotic leaks, and a bruising political fallout—she remains a central figure in ongoing economic debates as 2025 draws to a close.

While Prime Minister Keir Starmer has repeatedly expressed full confidence in Ms Reeves, insisting she is doing a “fantastic job” and will continue in the role throughout this parliament, speculation about possible successors is inevitable in Westminster’s unforgiving environment, particularly with persistent questions over growth, borrowing costs, and party unity heading into 2026.

Pat McFadden (Betting odds: 5/4)

A veteran of the New Labour era, he served as a key advisor to Tony Blair before entering Parliament in 2005 and has since held a range of senior economic and business roles.

Currently serving as Chancellor of the Duchy of Lancaster and a close confidant of Keir Starmer, Mr McFadden is the bookmakers’ clear favourite.

His extensive government experience and reputation as a safe, trusted operator make him the leading choice for stabilising the Treasury amid ongoing economic pressures.

Pat McFadden, Chancellor of the Duchy of Lancaster (Image: Getty)

Torsten Bell (Betting odds: 7/2)

Before becoming an MP in 2024, he spent nearly a decade as the Chief Executive of the Resolution Foundation, where he became one of the UK’s most influential voices on living standards and inequality.

The former think-tank director and current Treasury minister offers deep economic expertise and has played a key role in Budget preparations.

His technocratic approach and focus on growth and welfare reform position him strongly if Starmer prioritises policy depth in a replacement.

Torsten Bell is another possibility (Image: Daily Record)

Darren Jones (Betting odds: 7/1)

A former consumer rights solicitor who grew up in a working-class Bristol household, he gained a reputation as a formidable interrogator while chairing the Business and Trade Select Committee.

As Chief Secretary to the Treasury, Mr Jones serves as Ms Reeves’ deputy and is admired for his detailed grasp of economic matters.

Already embedded in the Treasury, he represents continuity with a younger, rising perspective, making him a natural insider successor.

Darren Jones MP, Chief Secretary to the Treasury (Image: GETTY)

Wes Streeting (Betting odds: 9/1)

A former President of the National Union of Students who rose from a council estate in East London to study at Cambridge, he has become one of Labour’s most prominent media performers.

The Health Secretary has stood out as a strong cabinet communicator with wide party appeal.

Although lacking direct Treasury experience, his political acumen and potential as a future leader could make him appealing for a role emphasising public messaging and unity.

Health Secretary Wes Streeting (Image: Getty)

Jonathan Reynolds (Betting odds: 10/1)

He trained as a solicitor and has held frontbench roles for every Labour leader since Ed Miliband, developing a deep speciality in industrial strategy and the financial services portfolio.

As Business Secretary, Mr Reynolds brings relevant economic portfolio experience and a pro-growth outlook aligned with Labour’s priorities.

His work on industrial strategy and trade could suit a Treasury shift towards investment and productivity.

Jonathan Reynolds (Image: Getty)

Yvette Cooper (Betting odds: 12/1)

A former economic journalist and Harvard scholar, she made history in 2008 as the first woman to serve as Chief Secretary to the Treasury during the global financial crisis.

The Home Secretary is a senior figure with immense heavyweight status and past cabinet roles that provide deep economic insight.

Her competence could provide stability in a challenging period, though her current Home Office focus makes an immediate switch less probable.

Foreign Secretary Yvette Cooper (Image: Getty)

Anneliese Dodds (Betting odds: 16/1)

Prior to politics, she was a professor of public policy and an MEP, specifically focusing on financial regulation and the prevention of tax avoidance.

A former Shadow Chancellor who stepped back from the frontbench economic role in 2021, Ms Dodds retains strong policy credentials from opposition days.

Her experience in international development keeps her in cabinet, offering a return option with a proven fiscal scrutiny background.

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Anneliese Dodds is a former Shadow Chancellor (Image: Getty)

These candidates blend Treasury proximity, Starmer loyalty, and high-profile competence, with markets favouring experience as speculation around Ms Reeves continues into 2026.

Odds are approximate from recent bookmaker data (as of December 2025) and fluctuate.