𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

Frantic Labour MPs are attempting to save Rachel Reeves from the chop because they fear her exit from Number 11 could spark bond market turmoil. Fears are rising inside Labour that Sir Keir Starmer could be toppled as leader if predicted terrible local elections for the party become reality when voters go to the polls this week on Thuesday May 7.

Many believe former party big beast and now Net Zero zealot and energy secretary Ed Miliband could be being lined up to replace Ms Reeves as Chancellor.

It’s thought leadership rivals to Sir Keir could install Mr Miliband in Number 11 to ensure his support for their bid for the top job.

If the Prime Minister is ousted following devastating local election results, many believe his Chancellor, considered by many of the next most important role in Government, would have to go as well.

It’s reported former deputy prime minister Angela Rayner, health secretary Wes Streeting are both champing at the bit to enter a leadership race if Sir Keir’s reign comes to an end. Greater Manchester mayor, Andy Burnham, who was previously blocked by Sir Keir from running as an MP, is also said to have plans to return to Westminster “within weeks”.

A source told the Times: “People on the soft left would be pretty sceptical of the idea that you change the prime minister and don’t change the chancellor.”

But Labour MPs are not understood to be urging for Ms Reeves to stay on in Number 11 as the fear the markets could react badly as the nation faces possible spiking inflation caused by the Iran war.

One MP told the Times it would be “very bold and brazen and brash move to replace the chancellor just as some of the realities of the Iran war start coming to focus”. They claimed it would be a “good marker” to the markets if she stayed in post.