Reeves begins push to remain as chancellor under new Labour leadership

Key points

• Rachel Reeves has launched a rearguard action to save her job as chancellor, telling friends she would like to stay in the post even under a new prime minister.
• The chancellor’s supporters have been urging MPs to back her if Keir Starmer is replaced later this year, saying she is the only candidate who can safeguard the country’s finances.
• The backbench lobbying push comes amid a broader tussle among Labour MPs for position as they prepare for what happens if Andy Burnham wins the Makerfield byelection and replaces Starmer as prime minister.
• Reports have suggested Burnham is considering appointing Ed Miliband as chancellor if he makes it to No 10. But Reeves’ allies are warning that the energy secretary would not be trusted by the bond markets, which set the government’s borrowing costs.
• One Labour MP who is close to the chancellor said: “I am concerned that we may lose...