Reeves endorses Burnham for Labour leadership amid chancellor succession debate
Speculation mounts over Treasury appointment with Wes Streeting and Ed Miliband in the frame, while Chief Secretary Darren Jones sets strict criteria for the next chancellor.
Chancellor Rachel Reeves has publicly endorsed Andy Burnham for the Labour leadership and subsequent prime ministership, signalling a shift in political allegiance following the resignation of outgoing prime minister Keir Starmer. Reeves confirmed to the BBC that she and Burnham are friends and expressed confidence in his ability to lead, though she declined to pre-empt his decisions regarding her own cabinet position.
Despite reports suggesting Reeves may be offered a junior role, she stated she would not rule out accepting such a position if requested by the new leader. Her support comes as she prepares to address the British Chamber of Commerce’s global annual conference, where she reiterated her commitment to Starmer and claimed the economy is stronger than when she took office two years ago.
Allies of Reeves have actively lobbied major businesses to support her retention as chancellor to ensure economic stability during the transition. Katie Martin, Reeves’s business adviser appointed in January, contacted firms in the insurance, banking, and defence sectors earlier this week to advocate for continuity. This effort underscores concerns within the chancellor’s camp about maintaining market confidence as the leadership contest intensifies.
Speculation regarding Burnham’s choice of chancellor has intensified, with Wes Streeting and Ed Miliband identified as key contenders. Burnham’s supporters are divided, with some viewing Streeting as a reassuring choice for the business community, while others lobby for Miliband, whom they see as more likely to pursue radical policy reforms. The selection is viewed as a critical indicator of the new prime minister’s intended direction.
Chief Secretary to the Treasury Darren Jones has ruled himself out of the leadership contest and outlined strict criteria for the next chancellor, emphasising the need to reassure markets without seeking to control the prime minister. Meanwhile, former armed forces minister Al Carns, who resigned over defence spending concerns, has outlined five tests for leadership candidates, calling for a proper debate on national direction rather than a mere reshuffle.