Financial markets reportedly rose on speculation that Ed Miliband, dubbed "Red Ed" by critics, is set to be appointed Foreign Secretary rather than Chancellor in a future government led by Andy Burnham. The reports suggest investors had been wary of Miliband taking control of economic policy, and the shift in expectations towards a different Treasury pick appears to have eased some of that concern.

According to the report, Shabana Mahmood is being tipped to take the role of Chancellor at Number 11 Downing Street instead. The article, published by the Daily Mail, does not provide further detail beyond this speculation about the composition of a prospective Burnham-led administration.