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Britain braces for Ed Miliband, the radical Left-wing chancellor
Businesses panic at the prospect of the former Labour leader taking over at the Treasury
Ed Miliband has made little secret of his ambition to become chancellor.
When asked at a Labour fundraiser what he would be doing if he weren’t Energy Secretary, Miliband offered a token insistence that he was already in his ideal role.
The appeal of the Treasury, however, proved hard to disguise. Miliband pointed to his time as a special adviser there under Gordon Brown, describing the economy as his “favourite issue” and hinting that the job had long been a personal goal.
Now, that long-held ambition appears closer to reality.
As Sir Keir Starmer looks to shore up his own authority amid expectations of heavy Labour losses in the local elections, the prospect of Miliband moving into the Treasury is no longer just hypothetical. Last week, the Prime Minister refused to say if Rachel Reeves would keep her job in a future reshuffle.
Miliband, the former Labour leader, certainly seemed buoyant last week when he addressed the Good Growth Foundation’s conference, striding onto the stage a few minutes after Jessie Ware’s aptly titled Free Yourself was blaring from the speakers.
The Energy Secretary’s speech – delivered to a standing-room-only crowd – made clear he intends to “double down, not back down” on net zero and that this would chart a path to economic growth.
Observers, both inside and outside government, insist that whatever anyone thinks about his policies, he remains one of the most effective political operators in Whitehall.
“He has total conviction – it’s a huge driver. He’s the most effective Cabinet member by a mile, and one of the most popular among the party membership,” says one person who has worked closely with him.
One senior figure describes him as “the most effective operator” in the Cabinet: experienced, detail-driven and difficult to challenge.
“He’s done it before. He knows how to get things done in government better than most,” they say.
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