STORY
Andy Burnham has sought to reassure markets and Labour MPs by saying his plans for Government would remain within Labour’s existing fiscal rules. The Labour MP for Makerfield, widely expected to succeed Keir Starmer as Prime Minister, said his approach would be consistent with the party’s 2024 manifesto.
Burnham said his programme would be backed by sound public finances and the discipline of current fiscal rules, including balancing day-to-day spending with tax revenues and reducing debt as a share of national output. He also repeated Labour’s manifesto commitment not to raise income tax, national insurance or VAT for working people.
The remarks were designed to answer concerns about whether a Burnham Government would move sharply away from the Treasury framework inherited from Starmer and Reeves. They came after his Manchester speech setting out a wider plan to shift power away from Whitehall and offer what he called more breathing space for the country.