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Rachel Reeves was reportedly investigated over her expenses during her time as an economist at Halifax Bank of Scotland (HBOS) before becoming an MP.
The Chancellor, along with two other senior managers, allegedly charged hundreds of pounds to a company credit card intended for staff motivation gifts.
However, a whistleblower compiled a report in early 2009, claiming the spending—covering Christmas and birthday presents—was excessive.
According to the BBC, the report accused the three managers of using bank funds to “support a lifestyle,” with allegedly inappropriate spending on dinners, events, taxis, and gifts, including presents for one another.
Receipts indicated that Ms. Reeves spent hundreds of pounds on handbags, perfume, earrings, and wine for colleagues, including a gift for her boss. Concerns were also raised about her expenses for taxis and a Christmas party.
An initial independent investigation concluded that the three appeared to have violated company rules.
A spokesperson for Ms. Reeves stated that she was unaware of the investigation, had always adhered to expenses policies, and left the bank on good terms.
On Thursday, critics from across the political spectrum argued that questions remained, particularly as HBOS had recently received a £20.5 billion taxpayer bailout at the time.
‘Questions to be asked’
Siobhain McDonagh, the Labour MP, told BBC Politics Live that the Chancellor had questions to answer.
“We’ve got to be sure about what happened with the expenses scandal,” she said. “As far as I’m aware she absolutely denies that she was approached by anybody about the expenses scandal.
“So I think there’s still questions to be asked about what is going on and we’ll see what happens.”
A Labour backbencher told The Telegraph: “HBOS had to be bailed out by the taxpayer, and at the time there were people on very low incomes paying tax to support it.
“To hear that there are question marks about her expenses at this time raise questions that need to be answered. It’s time she comes clean.
“Was she taking money off the poorest in society and living a high life on expenses?”
‘Reeves needs to come clean’
John O’Connell, chief executive of the TaxPayers’ Alliance, expressed concern over the matter, stating: “Taxpayers will be deeply troubled by the possibility that the person responsible for managing the nation’s finances may have a questionable record regarding company credit card use.
"Reeves must be transparent about what took place during her time at the organisation.”
Additionally, the BBC reported that Rachel Reeves’s CV overstated the duration of her employment at the Bank of England.
Her LinkedIn profile stated that she worked at the Bank from September 2000 to December 2006. However, the BBC found evidence that she had actually left by March 2006 to begin working at HBOS.
Ms. Reeves has previously spoken about having "spent the best part of a decade as an economist at the Bank of England," but the BBC’s findings indicate that her tenure was closer to five and a half years.
