Rachel Reeves, a former child chess champion and Bank of England economist, has made history as Britain's first woman chancellor of the exchequer. The centre-left Labour party's landslide victory in the recent UK general election marked the end of the right-wing Conservatives' 14-year rule.

Expressing her gratitude on social media platform X, Reeves, 45, wrote, "It is the honor of my life to have been appointed chancellor of the exchequer. Let today show that there should be no limits on your ambitions." With her appointment by new Prime Minister Keir Starmer, she also hopes to inspire young girls and women across the nation.

Labour's election manifesto centered on the economy, prioritizing growth and wealth creation. Reeves stated, "Economic growth was the Labour Party's mission. It is now a national mission. Let's get to work." The married mother of two children has emphasized her commitment to strong fiscal discipline and called Labour "the natural party of British business."

Reeves aims to achieve growth through responsible measures, earning comparisons to former Prime Minister Margaret Thatcher, known as the "Iron Lady." While Thatcher privatized key sectors, Reeves envisions a form of renationalization, particularly for energy, inspired by US President Joe Biden's policies. Labour plans to create Great British Energy, a publicly owned company that will work with the private sector to fund the transition towards green energy.

James Wood, a senior teaching associate at the University of Cambridge, explained that Reeves and Labour seek a responsible approach to public finances. He said, "When she talks about being an iron chancellor, I think what she means is: we're going to balance the books and we're going to be responsible -- and we're going to try and get Britain's economy running...in a responsible way."

Reeves's appointment reflects a desire to distance herself from the fiscal irresponsibility of her predecessor, Liz Truss. Truss's unfunded 2022 mini-budget led to a crash in the pound and soaring mortgage rates, further exacerbating the cost-of-living crisis.

Rachel Reeves has a remarkable background, having become the British girls' chess champion at the age of 14. She pursued her education at the University of Oxford, studying philosophy, politics, and economics, before obtaining a Master's degree from the London School of Economics. Reeves then worked as an economist at the Bank of England and later moved into the private sector, experiencing firsthand the impact of the global financial crisis in 2008.

In 2010, Reeves was elected as the Labour MP for Leeds West in northern England during the Conservative-Liberal Democrat coalition government. Years later, Keir Starmer appointed her as Labour's finance spokesperson. Her sister, Ellie Reeves, also serves as a Labour MP.

As Rachel Reeves assumes the role of chancellor of the exchequer, she brings a wealth of experience and a determination to steer the UK towards economic growth while ensuring responsible financial management. Her pioneering appointment stands as a significant milestone for women in politics and in the realm of finance.