But there have been suggestions that Ms Reeves could be given a different role in Andy Burnham’s Cabinet as a consolation prize. Speaking to the BBC this morning, Ms Reeves said: “I’m not going to pre-empt the decisions that the new prime minister will make. I’m backing Andy. I think he’d be a great prime minister, but those are his decisions, not mine to make.”
Ms Reeves added that “no one could doubt” her commitment to Sir Keir in recent years, after questions were raised over why she did not attend his resignation speech in Downing Street.
She said: “I’ve been by his side for six years now as shadow chancellor and then as Chancellor of the Exchequer.”
The Chancellor added: “I know that whoever is prime minister and chancellor in the future will inherit a stronger economy than the one I inherited two years ago.”
Speculation is high that Mr Burnham could pick Energy Secretary Ed Miliband, who is leading Labour’s net zero push, for the Treasury.
But some within Labour have cautioned against appointing Mr Miliband.
Other potential names include ex-health secretary Wes Streeting, Home Secretary Shabana Mahmood and Foreign Secretary Yvette Cooper.
Mr Burnham could enter No 10 in a matter of weeks as no one else has emerged as a challenger yet.