Pat McFadden considered for Chancellor in Andy Burnham’s government
Pat McFadden is being considered for the job of Chancellor in Andy Burnham’s government, reports BritPanorama.
The Work and Pensions Secretary is viewed as a Labour moderate, seen as a safe pair of hands for the Treasury and a reassuring figure for the markets. His candidacy reflects the party’s focus on stability during a time of potential economic turbulence.
Meanwhile, Ed Miliband remains a strong contender for the same senior Cabinet position and is actively campaigning for the role. There are indications that Miliband might be willing to support new gas drilling at Jackdaw in the North Sea, attempting to assert his flexibility on environmental issues, despite expectations he would oppose new drilling at the Rosebank oil field. Both decisions are expected to be quasi-judicial and announced later this year.
A senior Labour source noted, “Pat is in the running. It will be between him and Ed.” As he prepares to take the role of Prime Minister on July 20, Burnham’s selection for Chancellor is seen as critical, signalling his intended economic direction.
Burnham is set to deliver his first major policy speech as Prime Minister-in-waiting on Monday, which will include plans for increasing the powers of regional Mayors. This proposal aims to tackle welfare dependency and enhance local governance through initiatives such as creating new social housing and facilitating skills training.
He intends to give Mayors authority to raise taxes in their areas, potentially allowing them to increase business rates and retain the revenue for local investment. Discussions surrounding income tax powers have also emerged, with economic adviser Jim O’Neill suggesting these are viable possibilities for future policy consideration.
Burnham’s speech aims to articulate a vision for shifting power from Westminster to regional authorities, with plans to decentralize part of No10 operations to Manchester, where he intends to spend a significant portion of his time. These proposals mark what could be the most significant transfer of power from the central government since the devolution reforms initiated by New Labour.
As Labour prepares for this pivotal transition, the choice of Chancellor will undoubtedly shape the party’s approach to economic management and regional governance in the coming years.
This ongoing development in UK politics highlights the importance of strategic appointments as the Labour Party positions itself for governance amidst complex socio-economic challenges.
