Reeves begins push to remain as chancellor under new Labour leadership

Chancellor’s allies urge MPs to back her if Keir Starmer is replaced, saying she is only candidate to safeguard UK’s finances

Rachel Reeves has launched a rearguard action to save her job as chancellor, telling friends she would like to stay in the post even under a new prime minister.

The chancellor’s supporters have been urging MPs to back her if Keir Starmer is replaced later this year, saying she is the only candidate who can safeguard the country’s finances.