LONDON — Speculation about Keir Starmer's future has turned to Home Secretary Shabana Mahmood as a potential future chancellor, according to sources at a Westminster Christmas drinks party in December 2025. 'She won't be leader,' whispered one admirer. 'But she will be chancellor.'
Mahmood, 44, has developed a 'post-globalization' economic vision that could bridge Labour's internal divides, focusing on state-led industrial strategy and fair trade. She has argued for a 'new economic settlement' that prioritizes domestic resilience over unfettered global markets.
Her views align with Starmer's 'securonomics' agenda, which emphasizes economic security and sovereignty. Mahmood has publicly supported policies like a national wealth fund and stronger workers' rights, positioning herself as a unifying figure between the party's right and left wings.
As home secretary since July 2024, Mahmood has overseen border security and policing reforms. Her economic proposals remain under development, but allies say she is preparing a detailed plan for Labour's next manifesto.
