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Shabana Mahmood Leads Chancellor Race; Burnham Mulls Tax Rise

7/16/2026

24 4 Full Breakdown

Summary

Story summary

Shabana Mahmood has become the leading candidate to replace Rachel Reeves as chancellor, outpacing Ed Miliband.
Andy Burnham said he will assess finances, may raise taxes, and appointed Graeme Cooke as No 10 policy chief to tighten the domestic agenda.
Large unions and major business groups opposed appointing Ed Miliband, fearing market instability, while Mahmood would draft an emergency cost-of-living package if confirmed.

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Story summary

Shabana Mahmood has become the leading candidate to replace Rachel Reeves as chancellor, outpacing Ed Miliband.
Andy Burnham said he will assess finances, may raise taxes, and appointed Graeme Cooke as No 10 policy chief to tighten the domestic agenda.
Large unions and major business groups opposed appointing Ed Miliband, fearing market instability, while Mahmood would draft an emergency cost-of-living package if confirmed.