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Burnham refuses to rule out more borrowing and blames Tories for debt crisis
Badenoch questioned Burnham over how he would fund new spending as 10-year gilt yields hit 5.25% and borrowing costs climbed to an 18-year high.
- On Wednesday, Prime Minister Andy Burnham faced Conservative leader Kemi Badenoch at his first Prime Minister's Questions as long-term borrowing costs surged to 28-year highs, with 30-year bond yields hitting roughly 5.9 per cent.
- Global bond sell-offs, partly linked to Middle East conflict escalation, drove the yield spikes; Burnham blamed the turbulence on the previous Conservative government, claiming market reactions stem from the "exposure that they left behind."
- Badenoch challenged the government to "cut welfare spending and invest that money in our defence," citing concerns over the 3% GDP target by 2030; Burnham responded he would fully fund the Defence Investment Plan.
- Chancellor John Healey will deliver his first Budget on 28 October 2026 amid warnings that rising yields could constrain spending choices; the Prime Minister declined to rule out tax rises while stressing fiscal responsibility.
- Economist Lord Jim O'Neill warned that Burnham's "tone" unsettled investors, though he praised the Prime Minister's initial five weeks; rising debt costs may force Labour to address "excessive" welfare spending to maintain market confidence.
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32 Articles
Burnham Refuses to Rule Out More Borrowing Despite Market Rout
Andy Burnham has refused to rule out increasing borrowing and raising taxes despite an ongoing market rout that has sent borrowing costs to their highest level in decades – including following Liz Truss’s 'mini-budget'.
·London, United Kingdom
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Kemi Badenoch presses Andy Burnham on surging borrowing costs in fiery PMQs debut
Kemi Badenoch has pressed Andy Burnham on how much the UK pays to borrow money at his first Prime Minister's Questions since taking officeThis marks a high-stakes political clash at Westminster as...
·Karachi, Pakistan
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Coverage Details
Total News Sources32
Leaning Left6Leaning Right7Center7Last UpdatedBias Distribution35% Center, 35% Right
Bias Distribution
- 35% of the sources are Center, 35% of the sources lean Right
35% Right
L 30%
C 35%
R 35%
Factuality
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