Keir Starmer's support is an attempt to put an end to the speculation about Rachel Reeves' future – speculation that on Wednesday contributed to pushing up the interest rates on British government bonds since Reeves broke out in tears during an appearance in the British parliament.
The interest rate on 30-year British government bonds rose more than 0.20 percentage points to over 5.40 percent in the wave of concern, while the pound fell against other currencies. British stocks were also pressed downward in the wave of concern.
Reeves' tearful appearance came after a group of parliament members from her own party, Labour, earlier in the week voted against a large package of welfare reforms that Reeves had presented.
It was a personal matter for the finance minister, said Starmer.
It had nothing to do with politics and nothing to do with any discussion between me and Rachel. It had nothing to do with what has happened this week, he added.
