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The Lead An air of unreality settled on a Westminster conference room last week, as Rachel Reeves, upbeat in a powder pink power suit, gave a speech about boosting jobs and growth along the "OxCam corridor." Despite her unpopularity, the UK's first woman chancellor is quietly implementing policies that could reshape the UK's economic landscape. Regional Investment Strategy Reeves arrived in post determined to reverse the chronic underinvestment widely acknowledged to be a significant factor in UK economic underperformance. She changed the fiscal rules to make room for significantly more borrowing, with generous settlements for social housing and net zero projects. The chancellor has brought public investment and political muscle to the "OxCam corridor," creating a powerful new Development Corporation for Greater Cambridge. The Political Challenges Reeves is irrevocably associated with some of Labour's most embarrassing reversals – on the winter fuel allowance and disability benefits cuts, as well as the quieter climbdown on farmers' inheritance tax. The increase in employer national insurance contributions she reached for to avoid busting Labour's ill-advised manifesto tax pledges cannot have helped the struggling jobs market. Polling suggests Reeves is the least popular senior politician, with 66% of respondents viewing her unfavourably. Economic Impact Analysis The chancellor's approach to regional development represents a significant shift in UK economic policy. By rewriting the Treasury's green book – the rules about which taxpayer-backed projects get the go-ahead - she has ensured it is no longer biased towards spending in London and the south. Earlier this week, she visited the site in Bedfordshire where Universal is planning a vast new theme park – with the help of £1.3bn in public investment, including in local transport infrastructure. Devolution and Future Outlook Treasury officials have been working on plans that would hand metro mayors a share of tax revenues, starting with income tax. This could allow mayoralties to borrow against future income, potentially freeing them to make decisions about new projects without regularly reverting to Whitehall. Reeves's time in the Treasury has set in motion the next phase of rebalancing the UK's London-centric economy, a policy approach that may outlast her tenure as chancellor.