Treasury Squid Games
Thursday 25th June 2026
There seems no doubt now.
Big Boy Burnham (BBB) will be our next PM.
However, almost more importantly, there is much jeopardy around who he will appoint to the critical role of Chancellor of The Exchequer.
Wretched Rachel is deservedly being sacked. Hopefully, pushed off-piste to the back benches alongside S’Kier.
Like the uber-competitive Squid Game there is stiff competition for the top finance job.
Fortunately, unlike the TV show, it is not ‘life or death’ for the participants but it sure as Hell could be for the UK economy.
For many years, successive Chancellors, have been absorbed into ‘Treasury Think’ behaving like zombies under their spell.
The Treasury is more Kraken than Squid.
So, we desperately need a new appointment who can cut through The Treasury civil serpents’ best efforts to drag them into their mire of spreadsheets.
The bond markets and all businesses are terrified by the possibility of Ed Miliband being at the Treasury. Even some sensible Labour MP’s have their reservations.
Yvette Cooper was married to a previous Chancellor called Ed, and herself had a stint at the Treasury - as did Miliband. Dull as ditchwater but potentially a safe pair of hands?
Wes Streeting stepped aside from his leadership ambitions to allow BBB a clear run at No.10, so he will be expecting a suitable reward. A good communicator and to the right of the party (not hard) he is an economic lightweight by any standards.
Now Pat McFadden? Currently at the DWP and famed for complaining that Labour MP’s only ever ask who can be taxed more to pay for benefits, he may have sufficient independence of thought not to be sucked in and consumed by the Treasury tentacles.
Of the candidates available, he would be my choice.
I don’t rate his chances!
Until next time….
PB
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