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Wed, 24 Jun 2026

Wed, 24 Jun 2026 Who could be the UK's next chancellor?

The prime minister's resignation has fired the starting gun on the race to be in charge of the UK's finances.
1. Wes Streeting: Bookies' favourite, former health secretary who may get the job due to his loyalty to Andy Burnham, but has differing politics and a more market-friendly approach. 2. Ed Miliband: Former Labour leader who is politically close to Burnham, could be seen as a safe pair of hands, but some analysts worry about his reputation on inflation and net zero targets. 3. Pat McFadden: Seen as the most qualified pick, with experience in shadow Treasury jobs and business minister roles, could help tackle welfare reform, but may not offer a clean break from previous government. 4. Yvette Cooper: A "middle of the road" option, experienced in government, serving as chief secretary to the Treasury under Gordon Brown, but also an unknown quantity. 5. Rachel Reeves (current Chancellor): May keep her job if Burnham respects her and values her expertise, or could be offered a junior or mid-level cabinet position. Other potential candidates include:
* Shabana Mahmood: Financially conservative but has limited economic experience
* John Healey: Former defence secretary who may commit to increased defence spending
* Darren Jones: Chief secretary to the prime minister with some economic experience
* Torsten Bell: Former chief executive of the Resolution Foundation, an outsider in the running.