The relationship between a prime minister and their chancellor sits at the core of UK government and, with Andy Burnham now widely expected to take the top job in the coming months, focus is turning to who will occupy the Treasury.
Sarah Coles, head of personal finance at AJ Bell, said: "There are several names in the frame, all bringing something different to the table. The question is whether the next dynamic duo will adopt a similar approach to Starmer and Reeves, or head down another route entirely."
Below, AJ Bell assesses nine potential candidates and the economic policies each might pursue as chancellor.
Wes Streeting
Despite previously saying he would run in a leadership contest, Streeting backed Burnham on the morning of Starmer's resignation, fuelling reports that the former health secretary may have his eye on the chancellorship.
Streeting’s 2020 stint as shadow exchequer secretary provides some Treasury grounding and his health secretary record, which featured a sustained stand-off with resident doctors over strike action, demonstrated readiness for difficult decisions.
He has backed aligning capital gains tax with income tax rates, replacing inheritance tax with a lifetime gifts tax and raising corporation tax, adding further cost pressure for employers already facing higher national insurance contributions.
Rachel Vahey, head of public policy at AJ Bell, said: "Wes Streeting's centrist credentials would make him a popular choice to win over markets, which have so far been muted in their response to the political upheaval.
"While he hasn't held any positions to develop his fiscal chops, his work as health secretary gained plaudits from the public and he's been vocal in his belief that politicians should be more honest about what the government can afford. He's a big believer in fiscal rules and the need to bolster market confidence: something which has endeared him to bond markets."
Ed Miliband
Questions about higher borrowing and spending are likely to follow an Ed Miliband appointment, though his track record in senior roles points to a moderating influence. He reportedly helped bring Burnham around to maintaining the fiscal rules in order to calm the markets, drawing on experience that includes time as a special adviser to Gordon Brown.
His revenue toolkit might draw on progressive taxation, reforms targeting reliefs that disproportionately benefit higher earners, a mansion tax he has previously supported and new environmental charges.
Coles said: "If he were appointed, it could raise questions among business leaders. He has shown support for more government involvement in business and his commitment to net zero has led to criticism from some business leaders and unions. This may impact his chances of being offered the role."
Shabana Mahmood
Without a significant economic policy record since leaving the shadow Treasury, any assessment of Shabana Mahmood's likely approach must be drawn from her performance as home secretary.
"She is considered to be measured, pragmatic and disciplined over budgets. If this is carried through into economic policy, it could mean steering clear of radical changes and opting for incremental improvements. The fiscal responsibility may go down well with markets, which had been worried about borrowing and spending under Burnham," said Coles.
A prime minister seeking a sharp change of direction may find that cautious, targeted style a poor fit and Mahmood's stock as a potential chancellor appears to have fallen in more recent reporting.
Pat McFadden
Pat McFadden’s frontrunner status rests on a career stretching from advising Blair to serving in Starmer's cabinet, most recently in the high-profile task of steering the government through the universal credit reversal.
Papers from his private communications point to a broader ambition for the tax system: a tool for generating growth and opportunity, rather than just a mechanism to fund spending. A moderate by instinct, he would be expected to balance fiscal discipline with investment in public services.
"The delicate balance required in this approach is demonstrated by the fact that he stood by the state pension triple lock, while acknowledging the potential problems that raising the state pension age could bring for those in poorer health as they get older. At the same time he also emphasised that the system needs to be affordable and fair," said Coles.
Torsten Bell
Nine years running the Resolution Foundation gives Torsten Bell economic credentials that belie his brief time in parliament since 2024.
Current chancellor Rachel Reeves brought him in specifically to help shape the Autumn Budget, while his pensions ministerial brief centred on channelling institutional capital towards productive UK investment.
Vahey said: "Bell is considered left-leaning, but he may struggle to advance the radical tax and wealth reforms he proposed while leading a think tank, which included raising capital gains tax on assets, applying National Insurance to rental income and overhauling council tax. He has already defended Reeves' decision not to introduce a wealth tax, arguing it would have a limited impact."
John Healey
Markets would have little to go on if John Healey was appointed, as his Treasury background is thin and belongs to an earlier period. Credibility came instead from his cabinet resignation over defence spending, which drew respect from within the sector, according to Danni Hewson, head of financial analysis at AJ Bell.
The job creation potential of well-directed defence investment, particularly in the regions Burnham has prioritised, is territory Healey knows well and so too is the strain on departments caught between funding vital services and Treasury constraints.
Yvette Cooper
Gordon Brown-era Treasury experience and a centrist reputation give Yvette Cooper credibility with markets that may be nervous about Burnham's spending ambitions. She covered both domestic and international portfolios under Starmer, adding to a record of senior versatility.
"As an MP of a northern constituency, she's got a good working relationship with Andy Burnham and is one of the most senior politicians in the current cabinet who knows how to be a team player – but also how to raise sensitive issues at the highest level. Her breadth of experience means that she will understand the pressures on the public purse better than many and her seniority could help bring together different factions of the party under a new leader," Hewson said.
Jonathan Reynolds
Time as business secretary gave Jonathan Reynolds deep exposure to industrial and trade policy, while his current role as chief whip has reinforced a reputation for procedural discipline and rule-following.
Dan Coatsworth, head of markets at AJ Bell, added: "However, he isn't the most obvious candidate as his values might not be fully aligned with Andy Burnham's. A year ago, Reynolds said a wealth tax was 'daft', whereas Burnham has previously hinted at supporting the case for reintroducing a 50p on the pound income tax rate."
Lucy Rigby
Rigby's current post as chief secretary to the Treasury, combined with earlier experience as economic secretary, means she would not be walking into unfamiliar territory.
"What she lacks is a long career in senior political roles. Markets can be sceptical towards unproven names in politics and Rigby may be viewed as someone who has yet to prove her worth," said Coatsworth.