A bitter briefing war has erupted at Westminster following reports that Mr Miliband's dream of taking charge at the Treasury is set to be shattered.

The Energy Secretary's chances are said to be receding as Andy Burnham finalises his cabinet

The race to replace Rachel Reeves as Chancellor looks to have been blown open by reports that Ed Miliband has been taken out of contention.

Allies of the incoming PM say he has yet to make up his mind about who would control the nation's finances.

It follows a campaign by opponents of Ed Miliband to stop him being appointed as chancellor

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The home secretary is the frontrunner for the role ahead of ‘risky’ Ed Miliband, according to senior Labour figures

A bitter briefing war has erupted at Westminster following reports that Mr Miliband's dream of taking charge at the Treasury is set to be shattered.

Speculation is mounting that Shabana Mahmood will get the nod for the key role of Chancellor - with Ed Miliband having to settle for becoming Foreign Secretary .

Markets reacted positively to reports that she could move over to the Treasury

Talk of Shabana Mahmood as Chancellor has already sparked a backlash among some Labour MPs

When Andy Burnham names his cabinet, it will be one role more than any other that will shape his government – his pick as chancellor. David Maddox and Millie Cooke take a look at…

The home secretary, favourite to take over at No 11, has minimal economic credentials and many MPs would prefer Ed Miliband