Ed Miliband's prospects of becoming Chancellor of the Exchequer under incoming Prime Minister Andy Burnham appear to be uncertain, with concerns raised that his strong support for Net Zero policies could alienate businesses and trade unions. Speculation had suggested the former Labour leader and current Energy Secretary would take the Treasury role.
However, allies of Mr. Burnham have indicated that a final decision on the Treasury appointment has not yet been made. Mr. Miliband has been identified in a Bloomberg poll as the least market-friendly candidate for the position. Furthermore, his stance on green energy has led to friction with unions, particularly regarding potential impacts on jobs in the North Sea oil and gas industry.
A veteran Labour MP, speaking anonymously, expressed reservations, stating, "I don't think Miliband will get No11. He would be too big a risk." Reports suggest that Shabana Mahmood, the current Home Secretary, is also being considered for the Chancellor role. While Ms. Mahmood is unpopular with some on the party's left due to her immigration policies, her appointment could offer Mr. Burnham a different approach.
Mr. Burnham has recently emphasized that the everyday living expenses of the public are the most critical issue facing the country. He has spoken about the need for more public control over essential services to help reduce costs, citing his experience with public transport in Greater Manchester as an example.
A YouGov poll of Labour members indicated that a majority favored Mr. Miliband for the Treasury or preferred Rachel Reeves to remain in the post. However, Mr. Miliband has faced criticism from unions like Unite, whose leader Sharon Graham has urged caution on transitioning away from oil and gas, citing energy security concerns.
Reports have emerged suggesting that Mr. Miliband might be open to reconsidering his stance on North Sea oil and gas, potentially approving projects like the Jackdaw gas field, as a way to mitigate concerns about his environmental agenda and signal a less rigid approach if appointed Chancellor. However, any such decision regarding the Jackdaw field would be subject to a formal consultation process.
