Taxpayers may have breathed a sigh of relief today when Keir Starmer ruled out an emergency Budget this Spring. If they believed him.

The prime minister told an audience in east London that he is ‘completely confident’ in his team as pressure grows over the economy

Paul J. Davies is a Bloomberg Opinion columnist covering banking and finance. Previously, he was a reporter for the Wall Street Journal and the Financial Times.

Keir Starmer has insisted Rachel Reeves is doing a “fantastic job” amid mounting criticism of her performance as chancellor. The prime minister gave her a huge vote of confidence amid fresh turmoil for the UK economy on the international money markets this morning.

The week beings on Holocaust Memorial Day, marking 80 years since the liberation of Auschwitz-Birkenau. For that reason, there are no big government announcements today, but Sam and Anne will take you through Westminster's agenda for the week - a big one for Rachel Reeves.

Pressure mounts on Reeves as Starmer refuses to guarantee future of her job - Sir Keir Starmer declined to say the Chancellor would remain in post until the election.

The Chancellor, who has disparagingly been dubbed "Rachel from accounts" in some circles, is on the defensive after the pound sunk to a 14-month low yesterday.

And yet the markets are collectively passing a verdict on Starmer and Reeves's economic plan right now and it isn't exactly a ringing endorsement – and wobbly markets can prompt political wobbles. These shouldn't be overstated, but neither should they be ignored.

Rachel Reeves and Keir Starmer end the week in a better political position than they began it. Market movements have settled, the chatter about Reeves’ position has mostly ended, and the pair have shifted into fight-back mode.

The Prime Minister Sir Keir Starmer and the Chancellor Rachel Reeves are no Tony Blair and Gordon Brown.

The PM claimed the Chancellor was doing a ‘fantastic job’ despite the controversy over her Budget and the Pound’s drop in value

Michael Saunders, a former member of the BoE's monetary policy committee which sets interest rates, said the latest inflation figure would be "some help" in trying to ease some of the worries over the UK economy - more on that in our next post.