Burnham to lay out economic plan, but markets fear Miliband as Chancellor
With more than three weeks to go before he can formally clinch the keys to 10 Downing Street, leadership challenger Andy Burnham is planning to make a major speech on the economy next week.
It’s part of an effort to reassure the bond markets – to which he once said we shouldn’t be “in hock” – that he is a safe pair of fiscal hands.
That is according to The Times, which reports that the former mayor of Manchester is set to double down on Rachel Reeves’ fiscal rules.
This fiscal framework has been central to reassuring markets, so much so that gilts have routinely quivered at suggestions that the current Chancellor could be dropped.
Who will be Burnham’s Chancellor?
The new MP for Makerfield appears to have narrowed his choice for Number 11 down to three candidates: Ed Miliband, Wes Streeting and Shabana Mahmood.
According to the Guardian, Burnham is leaning towards Miliband, whilst The Times suggests that Starmer ally Darren Jones could be poised to put his hat in the ring for leader amidst worries about economic direction.
It is vanishingly unlikely that Jones would win – and it would be tricky too for him to get the necessary 81 MP nominations – but team Burnham would face a substantial delay getting into Downing Street if he does qualify.
Elsewhere, The Times reports that Burnham is likely to be given defence and security briefings ahead of the leadership election (if there is one at all).
Meanwhile, Britain’s most senior civil servant Antonia Romeo is thought to want access talks with Burnham and any other emerging Labour leadership candidate as soon as possible.
The key figures shaping an Andy Burnham government
Outside of Burnham’s pick for Chancellor, a central policy team is taking shape. Ed Miliband appears to already be working on a US-style “transition” team, alongside Makerfield campaign manager Louise Haigh.
Haigh was Keir Starmer’s first transport secretary, who became his first cabinet minister to resign after revelations emerged of a historic fraud offence. She is expected to take a senior role in the next government.
As is Josh Simons, the former MP for Makerfield and former Cabinet Office minister, who stepped aside to clear the way for the likely next PM.
And reports suggest that Miatta Fahnbulleh, who is a close ally of Miliband, is joining Simons to work on developing new government policy.