Andy Burnham has admitted the Budget on 28 October will be “challenging.” Brace, brace…
The PM claimed that inflation was solely the fault of the Iran war and refused to acknowledge Britain’s sky-high gilt yields. The cost of borrowing reached its highest level since 2007 yesterday…
Asked if the Budget would be “tough” Burnham nodded and said:
“It is going to be challenging because the picture around the world is challenging and the situation in the Middle East. We won’t take risks with people’s living standards or the economy as a whole. it will mean taking whatever action we can to help people.”
Social security over national security…
Team John Healey attempted to brief yesterday that they did not know how bad the fiscal position was until Healey formally became Chancellor which was ‘far too late.’ This is going about as well as expected…
Andy Haldane, Burnham’s recent adviser on the economy who has not taken up a No10 job, told Andrew Marr on LBC:
“The market now suspects that this is a traditional tax-and-spend socialist government with better TikTok videos…
imposing windfall taxes on oil & gas or on banks or upping capital gains tax would […] repeat the mistake that Rachel made […] The Achilles heel, the fiscal Achilles heel of this government thus far has been its unwillingness and/or inability to cut public spending.”