Miliband is now the bookies’ strong favorite for the number two job in British politics, with the former Labor Party leader politically closer to Burnham than other rivals.
Paul Johnson, former director of the Institute for Fiscal Studies think-tank, sees this proximity as a positive.
“You really don’t want the No. 10 and No. 11 people to have very different views,” he says.
However, opinions differ on whether Miliband, a former Treasury adviser, will have the support of the financial markets on which the government depends to lend money.
Nick Macpherson, former permanent secretary to the Treasury, told the Financial Times: “The key to gaining market confidence is to articulate, implement and deliver a coherent strategy.
“Miliband is one of the few cabinet members who has the intelligence, experience and authority to do this.”
Still, others see Miliband as an inflation risk, citing his campaign for net zero as Energy Secretary as partly responsible for the UK’s high energy prices compared to other countries.
Analysts say that reputation, whether accurate or not, could influence how bond markets react to his time as chancellor.
Lord Richard Walker, Iceland’s boss and the government’s lifeblood, has warned that Miliband would be “a disaster” in the role.
He said Miliband has been “too ideological” about tackling climate change, and that his policies are “putting undue pressure on households in a very regressive way”.
Sharon Graham, head of the Unite union, says Miliband as chancellor will be a “noose around the neck” for job creation., external Because of his opposition to new oil and gas drilling in the North Sea.
Although the TSSA union supports Miliband, the Labour-affiliated rail union says it would be willing to take a “different approach” to “delivering an economy that works for everyone”.