Former Goldman Sachs executive Lord Jim O’Neill was reported to have been in discussions over a potential role, but opted against joining Mr Burnham’s government due to his opposition to the potential tax and the Prime Minister’s failure to rule it out. The Times reports that Lord O’Neill also wanted to retain oversight of his shareholdings in financial groups and business interests.

The lord was widely reported to have been advising Mr Burnham alongside former Bank of England chief economist Andy Haldane and ex-Office for Budget Responsibility chair Richard Hughes before he became an MP.

Despite advising the Prime Minister, none of the economists accepted roles in government, leaving Mr Burnham lacking the economic expertise he was previously praised for having before becoming an MP.

Mr Burnham is understood to have kept Rachel Reeves’ adviser, Neil Amin-Smith, to help him with economic policy. This comes after several Labour backbenchers urged the Prime Minister to introduce a 2% tax on assets over £10 million, which they argued would raise “tens of billions” of pounds.

However, more moderate Labour figures, including those in the Labour Growth Group caucus, advocated for a “wealth tax that works.” This proposal would equalise capital gains taxes with income taxes while allowing for allowances to help incentivise investment. Mr Haldane previously stated in an interview that a wealth tax should not be used as a “cash cow.”