Andy Burnham Mulls Appointing Pat McFadden as Chancellor to Boost Market Confidence

PAT McFadden is being considered for the job of Chancellor in Andy Burnham’s government.

The is seen as a Labour moderate who would be a safe pair of hands in No11 and a reassuring figure for the markets.

Work and Pensions Secretary Pat McFadden has been leading the government’s work on helping jobless young people into work Credit: PA Andy Burnham is expected to be PM from July 20 and is weighing up who will be in his cabinet Credit: Getty

But is also still a frontrunner for the senior Cabinet position, and is lobbying hard to get the keys to No11.

is even thought to be prepared to give the greenlight to drilling for more gas at Jackdaw in the North Sea in a bid to show he is more flexible on Net Zero than some think.

Although Whitehall insiders expect him to block new drilling at Rosebank oil field.

Both decisions are quasi judicial and expected later in the year.

A senior Labour source said: “Pat is in the running. It will be between him and

is expected to become the new Prime Minister on July 20 – the day after the World Cup final – after Sir Keir Starmer announced his resignation on Monday.

Energy Secretary Ed Miliband is one of the frontrunners for Chancellor in an Andy Burnham government Credit: PA

Who he makes Chancellor is seen as his most important appointment.

It gives the country an indication of whether he intends to take the economy in a far more leftwing direction.

will on Monday deliver his first big policy speech as the PM-in-waiting.

He will use it to unveil plans to turbocharge devolution by giving regional Mayors new powers to tackle welfare dependency, create new social housing and run skills training.

also wants to give Mayors powers to raise taxes in their areas.

This is expected to include the power to raise business rates and keep the cash raised to reinvest in their areas.

He is also looking at giving Mayors powers on income tax.

Earlier this week, economic adviser Jim O’Neill told LBC: “I think exploring aspects of income tax is possible; it is definitely something that would be on the agenda to study in a serious way.”

Lord O’Neill is a former Goldman Sachs economist and ex-Treasury minister.

said his speech will deliver a big vision on moving power away from Westminster to the regions across the country.

It is expected to include plans to move part of No10 operations to an office in Manchester which will spend a large chink of his time at.

The radical proposals are expected to amount to the biggest shift of power out of Westminster since the New Labour devolution reforms.