The emergence of Mahmood has reassured some bosses, several of whom privately said they were concerned about Miliband\u2019s reputation as being more left-leaning, as well as his strong backing for Britain\u2019s net zero ambitions<\/a>. Miliband has held firm on the UK\u2019s decarbonisation targets as other countries have rowed back.<\/p>\n The targets are seen by climate scientists and the government\u2019s Climate Change Committee as a crucial contribution to preventing damaging global heating but Burnham has nevertheless come under pressure to ditch them<\/a> by people who claim they hinder job creation and threaten Britain\u2019s struggling industrial base.<\/p>\n \u201cI suspect there is relief,\u201d said a public affairs boss at a large British manufacturer who is in the latter camp. \u201cI can\u2019t see how it would work\u201d with Miliband at the Treasury because of his \u201cpersonal ambitions in terms of net zero\u201d, the boss said.<\/p>\n Yet few business leaders have dealt with Mahmood directly because of her lack of experience in any economic or business-facing departments. Mahmood is an \u201cunknown quantity\u201d for businesses, said another insider at a FTSE 250 company.<\/p>\n One exception to that is the security industry that runs much of the UK\u2019s immigration and justice system. One industry insider described her as a \u201cstraight talker, reads her briefs and well respected by officials\u201d. The sector is hoping that her exposure to the realities of the UK\u2019s security situation might make her more likely than Reeves to increase funding.<\/p>\n A senior lobbyist said that Mahmood \u201cprobably wouldn\u2019t be the worst but I\u2019d like someone who\u2019s more dynamic and more into business\u201d, given the importance of the chancellor in setting the conditions for UK firms. The Home Office has reported no meetings between Mahmood and individual businesses during her tenure.<\/p>\n The chancellor should not be chosen \u201cjust to give people jobs and move people around\u201d for Labour\u2019s political management purposes, the lobbyist added.<\/p>\n Reeves got into various scraps with business early in her two years as chancellor, most notably over the heavily criticised decision to raise employers\u2019 national insurance contributions<\/a> by \u00a325bn. Business leaders \u2013 keen to avoid a repeat \u2013 have expressed frustration over how to approach Burnham amid hurried preparations for him to replace Starmer.<\/p>\n One senior corporate affairs adviser to FTSE 100 companies said it remained unclear, just days before Burnham\u2019s installation in No 10, who would form the core of Burnham\u2019s backroom team beyond James Purnell, the former Labour cabinet minister and ex-City adviser appointed as his chief of staff.<\/p>\n Those seeking an introduction say there were effectively three separate teams revolving around Burnham: his cadre of advisers as Greater Manchester mayor, the campaign team for the Makerfield byelection, and a discreet group operating behind the scenes planning for him to become prime minister. However, ahead of his elevation to Downing Street the circle around him is shifting and narrowing.<\/p>\n Several advisers on economic policy from earlier in the process \u2013 including the former local government minister Miatta Fahnbulleh \u2013 are not expected to remain part of his team. Fahnbulleh could however remain in the frame for a ministerial position. Richard Hughes, the former chair of the Office for Budget Responsibility, is not expected to take a formal position. Jim O\u2019Neill, the former Goldman Sachs chief economist, and Andy Haldane<\/a>, the former Bank of England chief economist, are also unlikely to have formal roles.<\/p>\n Some people believe the choice of candidate could still change. Figures close to Miliband warned the elevation of Mahmood would be \u201cdisaster\u201d for Burnham because she lacked a serious background in economic policy and largely did not share his political vision as an MP from the right of the party.<\/p>\n
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