Markets would take Miliband chancellor appointment ‘worse’ than Streeting, predicts Cavendish chief

cityam06-24

Markets would take Miliband as Chancellor worse than Streeting The boss of a London-listed investment bank has warned that markets would react “worse” to Ed Miliband as Chancellor than Wes Streeting, ...

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Burnham, the former Manchester Mayor, has sparked nerves among economists and analysts in the past for his comments on bond markets, tax cuts and nationalisation.Allies of Burnham have said that Rachel Reeves will soon be shown the door if he is to win the leadership, according to reports, with energy secretary Ed Miliband and former health secretary Wes Streeting the frontrunners to replace her. Julian Morse, co-chief executive of Cavendish, said Miliband would not be welcomed with open arms.\n\n“I think if the Chancellor is Miliband, I think the markets will take that in a worse way than if it’s Streeting,” he told City AM.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n“He absolutely thinks we should be spending as much as we can on the welfare state and as energy minister he’s blocking any of our natural energy.”Miliband and the net zero fightMiliband’s tenure in Starmer’s cabinet has triggered backlash from some in industry and the City, with the former Labour leader pushing the UK toward net zero and pledging to make 95 per cent of the national grid carbon-free.He has also stalled on giving the green light to new exploration projects from Shell and Equinor, refused to ease North Sea drilling licences and argued the government should stick to its electric vehicle mandate, which requires a majority of new car sales to be of all-electric models by 2030.\n\nThe Zero Emission Vehicle (ZEV) mandate legally requires that 80 per cent of new car sales must be of all-electric models by 2030, but the government is preparing to consult on softening this to 50 per cent after industry backlash.While Morse acknowledged that Miliband’s net zero plans were “for good reason”, he noted the UK is pursuing a net zero policy far more aggressively than major polluters like the US and China.“We’re at a massive disadvantage, which is costing money, costing us tax receipts which we could be spending on renewables,” Morse said.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.45.2","shortVersion":"4.45.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2645862431","isCrawlerRequest":true}