# Fears Burnham tax rises will strangle economy as figures show growth already stalling – but Pound rises as traders bet ‘Red’ Ed Miliband WON’T be Chancellor

- URL: https://talkfuse.com/story/fears-burnham-tax-rises-will-strangle-economy-as-figures-show-growth-already-stalling-but-pound-rises-as-traders-bet-red-ed-miliband-wont-be-chancellor/
- Published: 2026-07-16T06:31:41+00:00
- Updated: 2026-07-16T07:14:12+00:00
- Original publisher: Daily Mail (publisher lean: Right)
- Original article: https://www.dailymail.com/news/article-15981469/Burnham-tax-rises-economy-GDP-growth-Pound-Red-Ed-Miliband-Chancellor.html?ns_mchannel=rss&ns_campaign=1490&ito=1490
- Topics: Business, Economy, Entertainment, Music, World

## Key points

- Fears Burnham-era tax rises could hurt an already stalling economy.
- Pound rises as markets bet against Miliband becoming Chancellor.
- Shabana Mahmood tipped as front runner amid Chancellor appointment chaos.

## Summary

Concerns are mounting that tax rises expected under Andy Burnham could damage the UK economy, coming just as new figures show growth already stalling. The economic anxiety is coupled with political turmoil over who will serve as Chancellor, with reports suggesting Burnham has wavered over appointing Ed Miliband to the role, prompting speculation and market reaction.

Sterling reportedly strengthened as traders bet that Miliband, seen by some as a "Red Ed" figure likely to pursue higher taxation, will not get the Chancellor job after all. Related reporting points to Shabana Mahmood emerging as the new front-runner for the post amid what is described as "Chancellor chaos", with Burnham accused of dithering and U-turning on his earlier apparent preference for Miliband, who is said to be furious at the reversal.

---
Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.