The 45-year-old has the perfect CV for the role, with experience at the Bank of England and in private finance – but how has her background shaped her tough stance on public finances?

• UK election live – latest updates

Euro rises against dollar as far right makes gains but investors believe result could have been worse

• Business live – latest updates
• France election live – latest updates

Shares on the French stock market have risen after the first round of voting in the country’s parliamentary election eased concerns about an outright victory for the rightwing National Rally (RN) party.

The euro rose against the dollar, while the risk premium investors demand for holding French government bonds fell as the markets took the view that the result could have been worse.

Rachel Reeves will be the beneficiary of UK growth but faces a world still trying to shake off the 15-year Great Stagnation

Down the years the Conservative party has taken some heavy election beatings but the one in prospect this week could be of a different order of magnitude.

Assuming the polls are right – and they have been consistent since the start of the campaign – the Tories will do worse even than in 1906, their previous nadir. Back then, the Conservatives and their Liberal Unionist allies won just 156 seats, a repeat of which on Thursday would now be considered a good result.

Updated quarterly GDP confirms UK was fastest-growing economy in G7 with consumer confidence returning

• Business live – latest updates

The UK economy grew at a faster rate than previously thought in the first quarter of 2024, handing the next prime minister an improved economic backdrop.

Gross domestic product (GDP) rose by 0.7% in the first three months of 2024, revised upwards by the Office for National Statistics from a first estimate of 0.6%.

Those who voted leave still feel ignored and marginalised. The pressure will be on for Labour to boost growth and narrow regional divides

• UK must stop ‘walking on eggshells’ over post-Brexit deal, says BCC chief

It is one of the oddities of this weirdest of election campaigns that the issue that helped give the Conservatives an 80-seat majority in 2019 has barely been mentioned. As far as the main parties are concerned, Brexit is a done deal. The decision has been made. Time to move on.

To be sure, much has happened since 2019, most notably a global pandemic, a cost of living crisis and the brief – yet drama-packed – premiership of Liz Truss. Making ends meet features more prominently in voters’ lists of concerns than whether the UK should rejoin the single market.

Larry Elliott is the Guardian’s economics editor

Do you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our letters section, please click here.