Andy Burnham rhetoric coincides with 18-year gilt yield high

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Andy Burnham rhetoric coincides with 18-year gilt yield high

Daily Mail · 2 hours ago

The Daily Mail's editorial criticises new Prime Minister Andy Burnham for Left-wing rhetoric that it says has spooked financial markets, arguing his stance echoes 1970s-style economics and undermines confidence ahead of next month's Budget. It contrasts his approach unfavourably with Conservative leader Kemi Badenoch's welfare-cuts plan, and separately criticises Labour figures over remarks on defence spending and comments made about a pregnant Tory frontbencher.

The piece notes that ten-year gilt yields hit an 18-year high following Burnham's first Commons speech as PM, with economist Lord O'Neill, described as a Burnham ally, saying the speech's tone was "the last thing investors wanted to hear." Burnham declined to rule out tax rises or higher borrowing, instead repeating phrases such as "growth in every postcode." The article also highlights Badenoch's roadmap for further welfare cuts atop £23 billion in identified savings, Vladimir Putin's veiled remarks about targeting UK factories, and Harriet Harman's criticism of Claire Coutinho's promotion, which the Mail calls hypocritical given Coutinho's pregnancy and maternity leave.

  • Daily Mail attacks PM Burnham's Left-wing rhetoric after bond market slide
  • Gilt yields hit 18-year high; economist calls tone unnerving to investors
  • Editorial also hits Labour on defence spending and Harman's Coutinho remarks

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Originally published by Daily Mail as “DAILY MAIL COMMENT: The PM’s Left-wing rhetoric, the bond markets and a VERY harsh lesson in economics”.