Ed Miliband, the Secretary of State for Energy Security and Net Zero, has faced public criticism regarding his suitability for a significant economic role, with a Daily Mail headline cautioning against placing the economy "at mercy of 'Red Ed'". The criticisms often cited include a perceived doctrinaire obsession with Net Zero policies, a tendency towards tax-and-spend economics, and questions about his character stemming from his 2010 Labour leadership bid.
However, Alex Brummer, writing for the Daily Mail, suggests that Miliband could indeed make a capable Chancellor. Brummer posits that Miliband's extended tenure in politics is due to a sharper intellect and more personable nature than his public image, often characterized by the 2014 bacon sandwich incident, might suggest. Brummer's own encounters indicate Miliband has poise, charm, and a significant public presence, appearing at ease in challenging environments.
Miliband's intellectual capabilities are highlighted by his early work for Harriet Harman and his subsequent recruitment by Gordon Brown due to his strong analytical skills, honed at the London School of Economics and Harvard University. Brummer recounts Miliband's detailed presentation at the Daily Mail offices on proposed welfare reforms, which demonstrated a profound understanding of how the welfare system interacts with the broader economy. These proposals, Brummer notes, were precursors to the universal credit system later implemented by the 2010 coalition government.
Brummer contrasts Miliband's approach with that of Rachel Reeves, suggesting Reeves has a pattern of unveiling untested initiatives and later abandoning them when they prove politically unpopular. Examples cited include U-turns on winter fuel allowances for pensioners and cuts to Personal Independence Payments. In contrast, Miliband's methodical explanation of tax credits aimed at incentivizing workforce participation is presented as evidence of his policy-making depth.
Miliband is also described as having backbone, citing his steadfast adherence to Net Zero plans despite opposition. This resolve, Brummer argues, is a quality needed at the Treasury to invigorate the economy and restore fiscal order. While acknowledging his father's Marxist background, Brummer points to Miliband's formative experience working under Gordon Brown, who is credited with skillfully navigating the 2008 credit crunch and understanding the costs of government borrowing. The significant national debt interest payments are highlighted as an area where such funds could be better utilized for national investment.
Furthermore, Brummer suggests that Miliband might be suited to challenging the status quo within the Treasury and addressing the substantial welfare budget. Evidence of internal party debate is mentioned, with a WhatsApp message from Pat McFadden expressing exasperation over calls for increased spending funded by further taxation. Brummer believes a Chancellor like Miliband, with support from the Left, could effectively confront entrenched interests blocking reform.
Despite criticism for his stance on North Sea oil drilling, which has created opposition from industry and unions, Brummer views Miliband's single-mindedness and refusal to backtrack as indicative of the willpower required for the Treasury role. Brummer concludes that Miliband's combination of intellect, resolve, and a pragmatic understanding of economic principles, learned from figures like Gordon Brown, positions him as a potentially strong candidate for Chancellor.