Ed Miliband, the Secretary of State for Energy Security and Net Zero, possesses qualities that could make him a capable Chancellor of the Exchequer, argues Alex Brummer in the Daily Mail. Brummer suggests that despite a public perception of being a "goofy nerd," Miliband is brighter and more personable than often portrayed, with a formidable intellect honed at the London School of Economics and Harvard University.
The column counters a recent Daily Mail headline that questioned Miliband's suitability for the role, citing concerns over his "doctrinaire obsession with Net Zero," his perceived tendency towards "tax-and-spend," and the circumstances of his 2010 Labour leadership bid.
Brummer recounts personal encounters with Miliband, describing him as having "poise and charm," with a "very real public presence" that contrasts with the "aggression and chippiness" of some other politicians. He notes Miliband's willingness to engage with critical audiences, contrasting this with Shadow Chancellor Rachel Reeves, who Brummer criticizes for unveiling and then discarding policies deemed unpopular.
Miliband's past work on welfare reform, which Brummer likens to the foundations of Universal Credit, demonstrates a deep understanding of the economy, he writes. His "stubborn adherence to the Net Zero plan," while drawing criticism, also showcases a "backbone" and refusal to yield to opposition, a trait Brummer believes would be valuable at the Treasury.
Drawing parallels to Gordon Brown's economic stewardship, particularly his handling of the 2008 credit crunch, Brummer suggests Miliband learned from this period. He emphasizes the cost of national debt, citing £135 billion in interest charges for the current fiscal year, and posits that Miliband could bring radical thinking to managing the welfare budget, which is forecast to reach £350 billion by 2026-27.
While acknowledging Miliband's controversial stance on North Sea drilling, which alienated oil producers and some unions, Brummer maintains that his "single-mindedness and refusal to be bullied into U-turns shows just the kind of willpower urgently needed at the Treasury."