Rachel Reeves has launched a last-ditch bid to save her job with her team launching a calling campaign of sympathetic figures.
The Chancellor's team, who have been heavily tipped to lose their position after Sir Keir Starmer steps down, has rung business and other industry figures to gauge their support for her personally in the role.
One source characterised the calls to Politico as "requesting 'endorsements' from people".
The publication reports that these phone calls appear to hint at the prospect of Ed Miliband being appointed as Chancellor.
Businesses are said to be worried about Mr Miliband being appointed to the role primarily because of his aggressive approach to environmental regulation and the perception that he is insufficiently pro-business.
One business figure who received a call recalls: "There was then the inference that without [Rachel], you lose the economic stability that we rely on."
Another recipient, also described as a business figure, told the publication the message was "Is there anything you can do to help support Rachel right now?"
Ms Reeves is understood to have not gained any endorsements from the last-ditch efforts.
Rachel Reeves has launched a last-ditch bid to save her job
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A Treasury official did not rule out the reports.
They said: "HMT officials chat with businesses all the time, and it’s no secret that Rachel’s economic plan is based around stability.”
Earlier today, Kemi Badenoch accused Ms Reeves of "abandoning" Prime Minister Keir Starmer following his recent announcement of resignation.
The Tory leader claimed that Ms Reeves had "let Starmer down" and spent much of the Prime Minister's Question session targeting the Chancellor’s economic track record and loyalty.
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Earlier today, Kemi Badenoch accused Ms Reeves of 'abandoning' Prime Minister Keir Starmer
| GB NEWSMr Burnham is expected to replace Ms Reeves, instead of appointing her to a more junior cabinet position, the FT reports.
A spokesman for the Makerfield MP said no decisions had been made about who he would appoint.
A close ally of Mr Burnham told the BBC: "Andy really respects Rachel and I'm confident he'll want her in his top team."
However, Mr Burnham is said to fear dividing Labour by his pick of Chancellor if elected as party leader.
Mr Burnham is said to fear dividing Labour by his pick of Chancellor if elected as party leader
| GETTYSources close to the Makerfield MP claim he is worried about splitting the party in two, mirroring the conflict between Sir Tony Blair and Gordon Brown.
Allies have warned Mr Burnham that picking Ed Miliband, a frontrunner for the job, would risk a major internal split, according to the Telegraph.
The minister for Energy Security and Net Zero has been widely criticised for implementing expensive green policies and a radical left-wing fiscal agenda when he was leader.
Wes Streeting, John Healey and Yvette Cooper are among the names suggested.