Shabana Mahmood Tipped for Chancellor Role as Markets Rally

Home Secretary Shabana Mahmood is expected to be named as Andy Burnham's chancellor, beating out Energy Secretary Ed Miliband for the key economic post. Multiple outlets reported that Mahmood has emerged as the frontrunner as Burnham finalises his prospective cabinet.

The Financial Times reported that Miliband trails Mahmood in the race, with the home secretary becoming the favourite amid criticism of the energy secretary's radical net zero policies. The Independent similarly stated that Mahmood "appears to have won the job running the UK's economy at the expense of energy secretary Ed Miliband."

The IndependentShabana Mahmood expected to be named as Burnham’s chancellor

Financial markets have reacted positively to the anticipated choice. According to International Business Times UK, Andy Burnham's selection of Mahmood boosted UK markets, with government bonds and sterling rising. Her appointment is seen as a stabilising force for Labour's economic policy.

International Business Times UKWhy Markets Are Cheering Andy Burnham's Chancellor Pick: Economists Explain

Novara Media noted that Burnham has appeared to rule out Miliband, who many viewed as the progressive choice for the role. The i Paper reported that the Energy Secretary's chances are receding as Burnham finalises his cabinet.

2 sources

i PaperThe unlikely new favourite to replace Reeves… and it’s not MilibandNovara MediaShabana Mahmood Set to Be Chancellor