Carole Malone launched a scathing attack on Energy Secretary Ed Miliband during a GB News segment, branding him a 'zealot' and warning that his policies would destroy market confidence. The outburst came as reports emerged that Miliband is a leading candidate to replace Rachel Reeves as Chancellor if Andy Burnham becomes Prime Minister.
Malone's furious critique
Speaking on GB News, Malone addressed a panel including Nana Akua, Charlie Peters, and political commentator Nigel Nelson. She said: 'This country is divided on many things. The bottom line is, he personifies everything the markets are terrified of about a prospective Burnham government, and already we are paying way over our debts because people are suspicious about Britain. They put Miliband in charge as the Treasury, no one will loan us any money.'
Malone then criticised Miliband's green energy record, claiming the UK has 'the most expensive energy in Europe' and that spending on oil drilling has been 'catastrophic'. She also dismissed another potential candidate, Yvette Cooper, as 'useless as well'.
Market fears and political fallout
The attack follows a Financial Times article by former Treasury permanent secretary Nick Macpherson, who argued that 'the key to gaining the confidence of the markets is to articulate, implement and deliver a coherent strategy' and that Miliband 'is one of the few cabinet members with the intellect, experience, and authority to do that.'
However, Lord Richard Walker, boss of Iceland and the government's cost-of-living tsar, warned Miliband would be 'a disaster' as Chancellor. He told the BBC that Miliband had been 'far too ideological' on climate change, with policies 'putting unfair pressure on households... in a very regressive way'.
Burnham's potential reshuffle
Current Chancellor Rachel Reeves has publicly backed Andy Burnham to be the next PM, a move seen as an attempt to keep her own job. Burnham is widely expected to replace Keir Starmer, and reports suggest he is considering replacing Reeves with Miliband.
The GB News segment descended into chaos as guests talked over each other, with presenter Nana Akua concluding: 'None of them know finance.'
Union support for Miliband
Not all reactions have been negative. The TSSA union, a Labour-affiliated rail union, backs Miliband, saying he would take a 'different approach' to 'delivering an economy that works for everyone'.
