A former senior Treasury adviser has called for Energy Secretary Ed Miliband to become the UK’s next chancellor, saying he has the experience and long-term vision needed to strengthen the economy and increase investment.
Nicholas Stern, a professor at the London School of Economics and a former chief economic adviser to the Treasury, said Miliband is well placed to lead the country’s economic strategy. Stern made the comments as questions continue over who could become chancellor if Andy Burnham becomes the next prime minister.
Burnham has not announced who he would appoint to lead the Treasury. Alongside Miliband, former Health Secretary Wes Streeting and Home Secretary Shabana Mahmood have also been mentioned as possible candidates to replace Rachel Reeves.
Stern said Miliband combines experience with a clear economic strategy. He described the energy secretary as competent, strategic, and willing to make difficult decisions that could help drive long-term growth across the country.
According to Stern, the UK needs higher investment in key sectors such as clean energy, transport, and modern infrastructure. He argued that increasing public investment would create better conditions for private businesses to invest while improving skills and opportunities for workers.
He said the country should focus on building industries that will support future economic growth instead of relying on older sectors that are in decline. Stern believes investment in new technologies and modern infrastructure will help create jobs and improve productivity over time.
Stern also supported Miliband’s policy of stopping new oil and gas drilling licences in the North Sea. He said continued investment in older energy industries would not prepare the UK for future economic challenges.
Instead, he argued that regions with strong links to the oil industry, including Aberdeen, should receive greater investment in new technologies and clean energy projects. He said helping workers and local communities move into growing industries would provide stronger long-term economic benefits.
The economist also highlighted Miliband’s international experience on climate policy. He said the UK has built a strong reputation through its leadership on climate action and warned that changes in energy policy could affect the country’s standing on the global stage.
Stern said he first worked closely with Miliband during their time at the Treasury in the early 2000s. He recalled that Miliband was involved in economic policy discussions and showed a strong understanding of long-term financial planning and industrial strategy.
Support for Miliband has also come from other political and academic figures. Labour deputy leader Lucy Powell recently said Miliband would make a good chancellor if given the opportunity.
Josh Ryan-Collins, a professor of economics and finance at University College London’s Institute for Innovation and Public Purpose, also backed greater investment in green industries. He said climate policies should be supported with funding that helps workers and communities adjust to economic change.
Ryan-Collins argued that investment in clean industries could strengthen the economy while creating skilled and well-paid jobs across different parts of the country. He said long-term support from the Treasury would be important to ensure that regions affected by industrial change benefit from new opportunities.
The debate over the next chancellor comes as Labour continues to discuss its economic priorities and plans for future growth. Public investment, energy policy, infrastructure, and industrial development are expected to remain central issues in the discussion.
While no decision has been announced, Stern’s endorsement adds to the growing debate over who should lead the Treasury. The choice of chancellor is expected to play an important role in shaping the UK’s economic direction, with supporters arguing that strong leadership and long-term investment will be key to boosting growth and preparing the country for future challenges.
