Rachel Reeves, the Chancellor of the Exchequer, was reportedly scrutinised for her expenses during her tenure as an economist at Halifax Bank of Scotland (HBOS) prior to becoming an MP.
According to a whistleblower’s report compiled in early 2009, Reeves and two other senior managers allegedly spent hundreds of pounds using a company credit card meant for staff incentives. The report claimed that their expenditures, which included birthday and Christmas gifts, were excessive. Here are seven facts in the ongoing investigation:
Expenses Investigation at HBOS
Rachel Reeves was reportedly scrutinised for her expenses during her tenure as an economist at Halifax Bank of Scotland. A whistleblower’s report from 2009 alleged that she and two other senior managers used a company credit card for excessive purchases, including gifts and taxi fares.
Claims of Inappropriate Spending
The report claimed the managers used bank funds to “fund a lifestyle,” with receipts showing purchases of handbags, perfume, earrings, and wine for colleagues. Concerns were raised about spending on meals, events, and a Christmas gathering.
Independent Inquiry Findings
A BBC report stated that an initial independent inquiry concluded the managers appeared to have breached bank policies. However, a spokesperson for Reeves said she had no knowledge of any investigation and had always followed expense regulations.
CV Discrepancies on Employment Duration
Reeves’ LinkedIn profile initially indicated she worked at the Bank of England from 2000 to 2006, but reports suggest she left in March 2006 rather than December. A spokesperson attributed the discrepancy to an “administrative error.”
Misrepresentation of Job Title
In November 2024, Reeves faced scrutiny for listing her role at HBOS as an “economist at the Bank of Scotland.” Her profile was later updated to state she worked in “retail banking” at Halifax, leading to accusations of misleading information.
Political Criticism and Defences
Richard Tice of Reform UK accused Reeves of being “economical at best with the reality of her own CV.” In contrast, former HBOS HR business partner Jayne Wayper defended her, stating she did not recognise the allegations and that proper internal audits were in place.
Reeves Denies Wrongdoing
A spokesperson for Reeves stated she was unaware of any investigation and had left HBOS on good terms. They emphasised that her expenses were properly approved, and former colleagues supported her account.
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