Reeves notes she could be replaced if Burnham becomes PM but avoids discussing her future role or pre-empting Burnham’s decisions.

Reeves stresses fiscal discipline, aiming to fund day-to-day spending from tax revenue and reduce debt as a share of GDP, and notes Burnham’s pledge to maintain current borrowing and spending rules.

Reeves spoke at a British Chambers of Commerce conference, framing the day with related political and policy events.

Burnham is seen as the frontrunner to succeed Sir Keir Starmer, and discussions are underway about his choice of chancellor, with Ed Miliband’s suitability under scrutiny by Labour figures.

The Labour leadership race appears centered on Andy Burnham, with Rachel Reeves publicly backing him as the next prime minister amid questions over her own role as chancellor.

Former defence minister Al Carns has floated a five-test leadership framework and has not ruled out a future leadership bid.

Defence spending is expected to be a key early issue for Burnham, with talks already happening with former defence secretary John Healey critiquing current plans as insufficient.

The Chancellor is framed as inheriting a stronger economy than two years ago, a point Reeves makes as she discusses fiscal policy ahead of the business conference.

The current Chancellor contends the next administration will inherit a stronger economy, while Reeves emphasizes the inflationary context she would inherit.

Burnham and Starmer met for an hour to discuss an orderly transition after Burnham’s Makerfield by-election victory, marking their first post-win briefing.

Labour’s leadership rules require 81 MPs’ nominations and support from local branches or affiliated groups to appear on the ballot.

Ongoing live coverage frames Labour leadership transition dynamics and policy focus as context.