Labour MPs start jostling over Starmer succession, pick for finance minister

23rd Jun 2026 07:16

(Sharecast News) - Manoeuvrings to find a successor for UK Prime Minister Keir Starmer began in earnest as Labour Party MPs debated whether a candidate should be found to challenge heir apparent Andy Burnham.

There was also jostling over who would replace current finance minister Rachel Reeves, with bond markets already skittish about the potential for more public spending under a Burnham premiership.

Two names in the frame were former health secretary Wes Streeting, who resigned in protest at Starmer's leadership, said he would run for prime minister and then changed his mind - possibly in the hope of getting a major job under Burnham - and current Energy Secretary Ed Miliband.

A briefing war broke out on Tuesday between with the two camps, with supporters of Miliband stressing his ministerial experience in the Treasury, while Streeting's crew said the Blairite fan of the private sector would be more palatable to financial markets.

Treasury Chief Darren Jones, the chief secretary to the prime minister, was reportedly being urged by MPs to run against Burnham and avoid a "coronation".

Media reports quoted "sources" - Westminster code for Jones himself - as saying he was reluctant to mount a challenge but would look at Burnham's economic plans, including plans for public control of utilities.

Burnham has gone on record as saying that troubled, debt-laden Thames Water should be back in government hands after years of underinvestment by previous owners.

Reporting by Frank Prenesti for Sharecast.com