Miliband embodies everything the market fears about a Burnham premiership. If it happened, it would mark a sharp shift to the left.

Ed Miliband had been tipped to take up the role but Burnham's allies fear his opposition to North Sea drilling could be problematic

Sharon Graham, the general secretary of Unite, suggested that Mr Miliband might 'decimate' Britain's industry if he is put in charge of the Treasury.