Key facts
- Shabana Mahmood is reportedly set to be named the UK's finance minister.
- Andy Burnham is expected to become the next UK prime minister.
- Mahmood currently serves as home secretary.
- Ed Miliband was a potential candidate but faced business concerns.
- Burnham is set to formally become Labour leader on Friday.
Andy Burnham, widely expected to become the next UK prime minister, is reportedly planning to appoint Shabana Mahmood as his finance minister. The Financial Times, citing sources briefed on Burnham's thinking, reported that Mahmood, currently the home secretary, has been "nailed down" for the chancellor position. Mahmood is considered a strong contender for the Treasury role, with some sources suggesting she is well-regarded by Burnham's camp. Her potential move to the Treasury would create a significant vacancy at the Home Office. Ed Miliband was previously viewed as the frontrunner for the role, but his stance on granting fresh oil and gas licenses in the North Sea raised concerns among businesses. A bank boss told City AM that Mahmood would be well-received in the City, with analyst Pierre Roke suggesting her appointment would reassure investors about fiscal credibility. Andy Burnham is set to formally become Labour leader on Friday and form a government on Monday.