A former Treasury chief, Darren Jones, has subtly cautioned against appointing Ed Miliband as Chancellor in a potential Andy Burnham administration, stressing that any candidate for the role must meet specific criteria to reassure markets, trade unions, and the public. Jones, who was a close ally of former Labour leader Sir Keir Starmer, stated that a prospective Chancellor would need to "enable the delivery of the prime minister's priorities and not try to control the prime minister."
Jones indicated that while he has been reassured by Burnham regarding his economic plans, he declined to definitively state whether Miliband would meet the necessary 'tests' for the Treasury role. Miliband is widely seen as a frontrunner for the position, possessing a background in economics, including a Master's degree and previous experience as a special adviser to Gordon Brown in the Treasury. He also taught economics at Harvard. However, his past proposals, such as a mansion tax and advocating for the restoration of the 50p income tax rate, along with past criticisms of some businesses, have raised concerns among some Labour MPs, trade union bosses, and business leaders.
Concerns also exist regarding Miliband's focus on Net Zero initiatives, which critics argue could harm heavy industry by maintaining high energy prices and impacting jobs in the oil and gas sectors. Jones himself, who served as Chief Secretary to the Treasury, suggested that while there is room for increased borrowing for infrastructure projects, it must be managed carefully to avoid exacerbating debt interest payments. He noted that simply increasing borrowing without considering practical limitations, such as the availability of builders and materials for new housing, would not be effective.
During a parliamentary exchange, Conservative leader Kemi Badenoch accused Miliband of betraying Sir Keir Starmer, drawing a parallel to Miliband's past challenge against his brother, David Miliband, for party leadership. She questioned whether this perceived disloyalty should be rewarded with the Chancellorship, with reports noting Starmer's lack of defense for his Energy Secretary.
Other potential candidates for the Chancellor role have also been discussed. Wes Streeting, the former health secretary, is rumored to have been promised the position in exchange for not challenging Burnham. While his economic background is less extensive than Miliband's, he has articulated a vision of "progressive capitalism" and has suggested he would support increased North Sea drilling, recruit overseas scientists, and reform planning rules to boost growth. Shabana Mahmood, the Home Secretary, is considered a wildcard candidate. With a background in law and previous roles in Treasury shadow positions, some Burnham allies reportedly favor her for the Treasury, though her focus on reducing legal migration could present a conflict with Treasury needs for a workforce. Yvette Cooper, who has an economics background and experience as the first female Chief Secretary to the Treasury during the 2008 financial crisis, is also seen as a contender. Her past support for the 50p tax rate and her role during the Northern Rock nationalization are notable aspects of her economic credentials.