Lucy Powell appears to endorse Ed Miliband as Andy Burnham’s chancellor

Some inside Labour are concerned that appointing Ed Miliband as chancellor would unsettle the markets, given his focus on the net zero agenda and refusal to issue new licences for North Sea oil and gas drilling. Photograph: Wiktor Szymanowicz/Shutterstock View image in fullscreen Some inside Labour are concerned that appointing Ed Miliband as chancellor would unsettle the markets, given his focus on the net zero agenda and refusal to issue new licences for North Sea oil and gas drilling. Photograph: Wiktor Szymanowicz/Shutterstock Lucy Powell appears to endorse Ed Miliband as Andy Burnham’s chancellor Labour deputy leader says she thinks energy secretary would be good in Treasury but ‘tittle-tattle’ over cabinet posts is ‘unedifying’ Ed Miliband would make a “good” chancellor to Andy Burnham , Labour’s deputy leader, Lucy Powell, has said, ahead of the likely next prime minister’s first major speech on the economy since he returned to Westminster. Powell, who served as Miliband’s chief of staff in opposition and is close to the former party leader, appeared to endorse him to run the Treasury – although some in Burnham’s camp acknowledge such a move could be politically risky. But with ministers jostling for Burnham’s ear , Powell added that speculation around cabinet posts in a future government was “unedifying” and the focus should be on creating and securing jobs across the country instead. Asked whether she thought Miliband would be good at running the Treasury, she told the BBC: “Yes I do actually, but actually I think this is a slightly distracting conversation, because I think we’ve all got a really important job to do.” Unison chief endorses Ed Miliband for chancellor in a Burnham government Read more View image in fullscreen Lucy Powell said the cost of living should be her party’s focus and not ‘tittle-tattle’ about Cabinet positions. Photograph: Christopher Furlong/Getty Images Miliband remains the frontrunner for the role of chancellor, with a view in Burnham’s team that he has what it takes to smash through Treasury orthodoxy to pursue a more radical economy. But they also acknowledge that Burnham would expend some political capital by appointing him. Some inside Labour are concerned that putting Miliband in the Treasury could unsettle the markets, while big business is sceptical and several of the big unions are opposed, as a result of his position on the North Sea and relentless focus on the net zero agenda. In his first big policy speech since Keir Starmer’s resignation as prime minister, Burnham is expected on Monday to announce radical plans to devolve powers and money from Whitehall to England’s regions – but also do more to reassure the markets. Sources said the new Makerfield MP would lean heavily into his commitment to sticking to the fiscal rules and Labour’s tax pledges. “Andy has repeatedly said he will do so, but he needs to stress that again because it needs to really land,” they added. One ally suggested that Burnham’s