Ed Miliband has lined up dream job – he’s just about to destroy Britain

Chancellor Rachel Reeves has been a disaster for the UK economy. Since entering No 11, she’s hit us with £70billion in extra tax and borrowed £120billion a year, then burned through the lot. She’s destroyed jobs, wrecked sentiment and sent borrowing costs soaring. It’s almost impossible to imagine anyone doing a worse job. Yet this is the Labour Party, so things can always get worse. But this much?

Reeves’s days are numbered. There’s a strong chance Keir Starmer will throw his misfiring chancellor under the first bus that passes after election night on Thursday. He hopes ditching her will buy him some time. Fat chance. Starmer is toast. And when he goes, Reeves gets binned too. Whoever takes over will want their own chancellor. And this is where things turn properly ugly.

Because whoever nabs the keys to Number 10, whether Angela Rayner, Wes Streeting or Andy Burnham, we’re set to end up with the same man as chancellor. And that man is Ed Miliband. He’s the party’s king maker, and he’s coveted the job for years. It’s a disaster. We might as well appoint Mad Zack Polanski and be done with it.

The one upside of a leadership shake-up might have been a change of chancellor for the better. Instead, it threatens to deliver something far worse. Reeves the incompetent replaced by Miliband the hare-brained, with Britain’s economic decline accelerating accordingly. There’s even an outside chance he could be made PM.

We’ve already seen what Miliband does in office. As energy secretary, his net zero crusade has helped drive energy bills to punishing highs, forcing businesses to shut down or relocate because they simply can’t compete under these costs.

Worse still, he’s taken the insane decision to block new North Sea drilling in the middle of an energy crisis, purely to parade his green credentials. Now imagine the craziness that will come when he’s running the entire economy.

Incredibly, cabinet colleagues regard him as a financial heavyweight. He advised Gordon Brown, after all. This tells you everything about the party’s economic illiteracy. In the land of the blind, the swivel-eyed soft-left ideologue is king. So Chancellor Miliband it will be. So what can we expect under Red Ed?

First, he’ll double down on net zero. Second, he’ll apply that same zeal everywhere. Where Reeves tried to keep markets onside, any pushback will only drive Miliband further. He doesn’t listen. Ever. To markets, industry experts, cabinet colleagues, even his own leader. Starmer tried to sideline him once, and Miliband refused to budge.

Naturally, our taxes will rise even higher. Naturally, the proceeds will be squandered. Corporates will be first in the firing line. Banks, energy firms, anyone still turning a profit. In Miliband’s worldview, profit is a dirty word. As I recently warned, oil giants like BP and Shell might quit the UK altogether thanks to him, destroying jobs, revenues, dividends and the UK stock market.

The tax threshold freeze will no doubt continue, new taxes will be dreamed up and the nation’s tumble dryers are surely doomed. And he’ll borrow freely, potentially plunging us into a bond market crisis. It will be hellish. And the nightmare could arrive within weeks.

Give Miliband a few days in No 11, and something truly unimaginable could happen. We’ll all be screaming for Rachel Reeves to come back.