Rachel Reeves lines up big 'goodbye' speech next week with Burnham tipped to oust her from No11 - despite signs of support from Labour members

By JAMES TAPSFIELD, UK POLITICAL EDITOR Published: 13:49, 7 July 2026 | Updated: 13:55, 7 July 2026 Rachel Reeves is set to deliver a big speech next week - days before Andy Burnham is tipped to oust her from No11. The Chancellor will go ahead with the Mansion House address to the financial and professional services industry next Tuesday. Organisers are said to have questioned whether she wanted to postpone, given the political uncertainty.  The event could take on a valedictory tone, after Ms Reeves issued a series of warnings about the need to stick to her fiscal rules. Allies have still not given up on persuading Mr Burnham to keep her in post despite a widespread feeling in Westminster that she is doomed. They were given some hope by a YouGov poll showing a fifth of Labour members wanted her to stay on, only just behind the 21 per cent who preferred Ed Miliband.  Rachel Reeves is set to deliver a big speech next week - days before Andy Burnham is tipped to oust her from No11 Allies of Ms Reeves have been given some hope by a YouGov poll showing a fifth of Labour members wanted her to stay on as Chancellor, only just behind the 21 per cent who preferred Ed Miliband They were well ahead of all other potential contenders - although 28 per cent of party activists said they did not know who would be best.  One Reeves supporter told the Daily Mail: 'Labour members know she's put in a huge amount of work, has done some good things that they like, and is credible. Lots of them also want a woman.'  Ms Reeves has enthusiastically backed Mr Burnham saying she believes the former Greater Manchester Mayor will be 'great' in No10. She skipped Keir Starmer's resignation statement in Downing Street last month, but made an awkward appearance in a 'mass selfie' of Labour MPs with Mr Burnham the same afternoon.  However, announcing the Defence Investment Plan last week Ms Reeves delivered what appeared to be a statement defending her legacy, referring to the little-understood 'Secur-o-nomics' conceit from her 'two years as Chancellor'. Speculation has been mounting that Net Zero Secretary Mr Miliband will take charge of No11, despite alarm from business, unions and party moderates. But brother David is also in the frame for a shock comeback, potentially resuming his old role as Foreign Secretary.   Mr Burnham is facing a tricky balancing act as he prepares to appoint his Cabinet Critics have pointed out that would mean two of the four traditional great offices of state being occupied by Milibands, with only one – Home Secretary – available to be held by a woman. Shabana Mahmood and Wes Streeting have also been touted for the role.  A City of London Corporation spokesman told Politico: 'The Chancellor of the Exchequer was as usual invited to the Financial and Professional Services dinner to deliver the Mansion House speech and the dinner will be going ahead on July 14.'