Ed Miliband is in the process of “pitching himself as next Chancellor” as allies of the former Labour leader are understood to be manoeuvring to oust Rachel Reeves from Number 11.
The scheme centres on anticipated poor results for Labour in May's local elections, which rebel backbenchers believe will significantly weaken Prime Minister Sir Keir Starmer's authority.
Mr Miliband enjoys considerable support among MPs on the party's soft Left and his supporters view the expected electoral setbacks as an opportunity to demand substantial changes from Sir Keir.
"The soft Left are hoping that if the May locals don't go well, they will use that as a point of leverage to get what they want out of the PM," one Labour MP said.
TRENDING
Stories
Videos
Your Say
"One of the ideas being discussed is putting Ed in as Chancellor," they added.
Earlier this month, the Energy Secretary led a Commons debate on living costs that some MPs interpreted as his "pitch" for the Treasury role.
During the speech, he declared: "Whatever our party, we should take a step back and think about the history of the last two decades since the financial crisis."
Mr Miliband pointed to two decades of wage stagnation, noting that real wages have only returned to 2008 levels this year, representing the poorest progress on living standards since records began in the 1950s, alongside what he termed "an epidemic of in-work poverty".
Ed Miliband has 'pitched himself as next chancellor' as MPs seek to oust Rachel Reeves
|GETTY
He also referenced "an illuminating chart" in the Budget Red Book, adding enthusiastically: "I love charts!"
"He knows the Treasury pretty well and he does understand economics," said one Labour MP on the Left of the party.
"Whoever becomes the next PM will be looking for a new Chancellor. Rachel Reeves has got Starmer into a lot of trouble, she will be gone at the same time as him."
The same MP suggested that a candidate like Mr Streeting would require strong backing from a centre-Left figure to secure sufficient votes, making Mr Miliband "obviously one of the higher ranked possibilities" to balance such a ticket, per The Telegraph.
LATEST DEVELOPMENTS
Allies of the Energy Secretary have championed his economic credentials
|GETTY
Supporters of the Energy Secretary are additionally proposing he could stand on a joint leadership ticket alongside a more centrist figure, with Mr Miliband taking the Chancellor role in return for endorsing either Wes Streeting or Shabana Mahmood as leader.
In their attempts to win others round, Mr Miliband’s allies have championed his previous experience in managing the British economy.
During Gordon Brown's tenure as Chancellor, he served as chairman of the Treasury's Council of Economic Advisers from 2004, overseeing the UK's long-term economic strategy before departing in 2005 to pursue a parliamentary seat.
His allies also highlight that while in opposition, Mr Miliband provided Sir Keir Starmer with tutorials on economic matters, which one source described at the time as a masterclass in distinguishing Labour's traditional approach from Conservative policy.
The apparent plotting comes amid continued scrutiny of Chancellor Rachel Reeves
|GETTY
An aide to Mr Miliband dismissed the claims as "nonsense", maintaining that he remains entirely focused on ensuring Sir Keir's government succeeds.
The apparent plotting comes amid continued pressure on the sitting Chancellor, who has declined to rule out additional tax increases following her recent £30bn Budget measures.
Ms Reeves raised taxes for a second time in her autumn Budget despite previous assurances she would not return for more, pushing the UK tax burden to its highest level since the Second World War.
In a telling admission, she hoped that "further changes to taxes are less necessary" given the additional headroom created last month.
Our Standards: The GB News Editorial Charter
More From GB News