Ex-Bank of England Governor backs Rachel Reeves as next chancellor

Mark Carney, who was head of the Bank between 2013 and 2020 after being picked by the then-Conservative chancellor George Osborne, yesterday described Rachel Reeves as a “serious economist” in a video message ahead of her speech yesterday.

“She began her career at the Bank of England, so she understands the big picture,” he said.

“But, crucially she understands the economics of work, of place and family.

“And, look, it is beyond time we put her energy and ideas into action.”

The move is the latest in a series of endorsements by business leaders of the party which severely struggled with its economic reputation under its previous leader, Jeremy Corbyn.

This has also seen a substantial business presence at the party’s conference in Liverpool, with many companies preferring to set out their stall at the fringe events and exhibitions of the opposition rather than at the Conservative’s conference last week.

Ms Reeves was introduced ahead of her headline speech yesterday by Mary Portas, the British retail guru who said she is “absolutely confident” that a Labour government would “breathe life” back into the country’s high streets.

Ms Portas was appointed by David Cameron to lead a review into the future of British high streets in 2011 after her success presenting the BBC television series, Mary Queen of Shops, where she aimed to help businesses going under in the 2000s.

“Eight hundred years, over 100 names and all of them men,” she told a packed conference hall.

“I’m as frustrated as you all are (over) what has happened to them of the last 13 years of a Conservative Government,” she said when addressing the state of the British high street.

“Because Rachel understands just how much our high streets matter. This is not just for the economy but for the vital sense of community and connection that they foster."