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Burnham’s chancellor pick could sway bond markets
The BBC says the party is weighing whether the Treasury role will go to Energy Secretary Ed Miliband, a decision that market participants are expected to read as a signal on economic direction.
The BBC reports that Andy Burnham’s forthcoming appointment for the chancellor role, and who he names as his Downing Street neighbor at Number 11, is becoming a focus not just inside Labour but also for bond markets.
According to the outlet, Labour MPs have nominated Burnham as party leader, and while the battle for Number 10 is effectively settled, negotiations over Number 11 are still underway ahead of expected cabinet-post announcements on Monday.
The BBC says there have been efforts from different groups to influence Burnham’s choice, including oil and gas-linked unions and figures tied to the party’s economics messaging, with some Labour MPs suggesting the odds of appointing Ed Miliband have decreased while others close to Miliband believe he remains both possible and desirable.
The article links the decision to economic strategy, noting Miliband’s Treasury and adviser background and framing the selection as a potential signal that could affect how bond markets react to the government’s economic approach, though the final choice is described as an assessment of political and market mood rather than a settled decision.