‘Walking a tightrope’: Burnham’s borrowing plans clash with fiscal realities

Andy Burnham arrives in Westminster on 22 June 2026. He alarmed some investors last year, when he said the UK was ‘in hock’ to the bond markets. Photograph: Tolga Akmen/EPA

Andy Burnham would enter Downing Street already “boxed in” by financial markets if he signals a rise in borrowing to pay for a more expansive policy agenda, bond investors have warned.

The newly elected MP for Makerfield, who is widely expected to be the next prime minister, could also quickly come under pressure if he chooses a chancellor who is seen to be too leftwing by bond markets.