\n<\/p>\n
Rachel Reeves has issued a damning assessment of the state of the UK\u2019s finances.<\/p>\n
The new chancellor of the exchequer said she was inheriting a depleted economy from the Conservatives that would create a \u201cchallenge\u201d for the new Labour government.<\/p>\n
\u201cThere\u2019s not a huge amount of money there,\u201d Ms Reeves told the BBC. \u201cI know the scale of the challenge I inherit.\u201d<\/p>\n
Ms Reeves said she would lean on the private sector to cover the shortfall.<\/p>\n
\u201cPrivate-sector investment is the lifeblood of a successful economy. We need to unlock private-sector investment,\u201d she said.<\/p>\n<\/div>\n
Sir Keir Starmer has become the UK’s first Labour prime minister since 2010<\/a> after his party’s landslide general election victory.<\/p>\n Labour is returning to power with a huge parliamentary majority of 174, following a collapse in support for the Conservatives.<\/p>\n Ms Reeves’ comments on the economy come 14 years after Labour\u2019s ex-Chief Secretary to the Treasury, Liam Byrne, left a note for his successor<\/a> to say there was “no money” left when his party lost power in 2010.<\/p>\n The note, which Mr Byrne later said was a joke, read: “Dear Chief Secretary, I’m afraid there is no money. Kind regards – and good luck! Liam.”<\/p>\n<\/div>\n