When Morgan McSweeney concluded his evidence on Tuesday to the Foreign Affairs Select Committee about the Mandelson affair, a senior Labour figure remarked: ‘What really did we learn from all this? That Keir made a bad decision, wants someone else to blame and didn’t really know what was going on in his own government. Fancy that!’

The fact that 14 Labour MPs voted to refer the Prime Minister to the Privileges Committee (the body which forced Boris Johnson from the political stage) – and a total of 53 recorded no vote in his defence – is far from a ringing endorsement of his leadership. But the significance of the Mandelson hearings has been misunderstood. We are at the stage of the Starmer premiership where the ship has scraped the iceberg and people are enjoying the distraction of watching McSweeney, Emily Thornberry and Olly Robbins kicking ice around the deck while the critical things are happening unseen below the waterline. 

The most important conversations about Labour’s future have been taking place behind the scenes between the three leaders of the party’s soft left. It would be stretching things to say that Andy Burnham, Angela Rayner and Ed Miliband are plotting together to remove the PM. But it is true that they are quietly preparing for life after Starmer. Their conclusions will shape Labour’s direction, even if the rudderless helmsman remains.

The mantle of Crassus – the money man – has settled on Miliband’s shoulders

The mantle of Crassus – the money man – has settled on Miliband’s shoulders

‘There have been, for over six months, discussions between Ed, Angela and Andy about policy and the future of government,’ a source familiar with the conversations says. ‘This has been going on since the autumn and there’s a greater degree of alignment between them than is commonly assumed.’ An MP confirms: ‘They’re talking, all of them, all the time.’

In this re-creation of the Roman Triumvirate, the mantle of Crassus – the money man – has settled on Miliband’s shoulders. The Energy Secretary wants to be chancellor. Those involved in the discussions believe that, as a former party leader, he would have the credibility to reassure the markets. They will build the case that Miliband is a longstanding advocate of welfare reform, built on the principle that work must pay – rather than simply as an exercise in cost–cutting, which sank Starmer and Rachel Reeves last spring.

 ‘They think Ed can be chancellor,’ a Labour source says. ‘He wanted the crown jewel of the 2010 manifesto to be the “Better Off in Work” guarantee – that work would always not only pay more than welfare, but pay much more than welfare. That tells you about where Ed comes from.’ Miliband put Maurice Glasman, the Blue Labour academic, in the Lords ‘because Maurice believes the Labour party is meant to be the........

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