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Yvette Cooper favourite to be Shadow Chancellor of the Exchequer

Yvette Cooper is said to be favourite to become Ed Miliband's Shadow Chancellor of the Exchequer as the new Labour leader gets set to announce his shadow cabinet today. It is believed that eight of Ed Miliband's team will be women with the Labour Party adamant that a more balanced representation should be seen in the Shadow Cabinet.

This is a very important time for the Labour Party which is looking to rebuild itself after losing the last election. Over the last few weeks we have seen significant criticism of the UK government's austerity measures, budget cuts and general approach to the welfare state but it would appear that many of the public believe there is no choice but to cut the public sector budget.

It will be interesting to see how the two parties line up after the Shadow Cabinet has been announced and indeed how the Labour Party continues in the polls having taken a slender lead upon the change of leadership. David Cameron in theory has a number of years left in office before he needs to call a general election which should hopefully give him time to reclaim the middle ground after some bruising benefit cut announcements.

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