Burnham Would Be Right To Keep Miliband Out Of The Treasury
Markets will breathe a sigh of relief if incoming UK Prime Minister Andy Burnham keeps Ed Miliband out of the Treasury, warns Nigel Green, CEO of deVere Group, one of the world's largest independent financial advisory organisations.
The comments come as reports suggest opponents within Burnham's own camp have quashed Miliband's bid for the Treasury, with Labour whips reportedly steering the role toward home secretary Shabana Mahmood, while foreign secretary Yvette Cooper is also being floated as a contender.
Miliband, a key architect of Burnham's leadership campaign and the first Cabinet minister to break ranks and call for Sir Keir Starmer's departure, is instead expected to be offered the Foreign Office.
Burnham takes office on Monday, July 20, becoming the UK's seventh prime minister in a decade.
AdvertisementHis choice of Chancellor, the eighth in 10 years, is his first true test of economic credibility, and investors already flagged their nerves when gilt yields spiked to an 18-year high on the 10-year and a 28-year high on the 30-year amid speculation over a Miliband appointment.
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The deVere CEO warns the fallout would not stop at gilts.
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