With the next budget announcement looming, Chancellor Rachel Reeves faces more than just tough economic numbers—her authority is under siege. Though she technically holds the Treasury reins, mounting political skepticism, an expanding prime ministerial economic team, and unrelenting media criticism have led many to believe this may be her last budget in charge.

Reeves’s plans—ramping up NHS funding, boosting school budgets, and increasing defense spending—are bold moves amid a climate of economic uncertainty, from a weakening pound and stock market volatility to the threat of a banking crisis. Critics accuse her of overspending and failing to keep the deficit in check, arguing she’s “spending like a drunken sailor.”

Worsening matters, the prime minister has recently beefed up his economic advisory staff and asserted more control over financial policy, a clear signal that Reeves’s authority is slipping. A recent cabinet tax scandal has hit public confidence in the Treasury team hard, further intensifying party and public pressure.

Reeves now faces a dual challenge: reconciling the books and fighting to retain influence over key decisions, as real control over fiscal policy appears to be migrating toward the PM and his inner circle. With elections approaching, political commentators are openly speculating about not only a new chancellor handling the next budget, but even a possible change at Number 10. This tug-of-war over fiscal strategy and political dominance is set to shape the UK’s government and economy in the coming year.