Andy Burnham, Mayor of Greater Manchester and potential leadership challenger to Prime Minister Keir Starmer, has clarified his previous comments regarding the UK's dependence on bond markets. According to Jin10, Burnham stated that his remarks from last year were taken out of context and emphasized his vision for the country as a more attractive investment destination.
In September, Burnham outlined his policy plans as a future leader of the UK's ruling Labour Party, which were met with criticism. He had previously mentioned the need to 'break free from the grip of bond markets' and disclosed that his plans would require an additional £40 billion in borrowing. Speaking at an event hosted by the Resolution Foundation in London on Tuesday, Burnham expressed his displeasure with the market's reaction to his statements.
Burnham questioned why he would make such comments given his decade-long management of Greater Manchester, asserting that he does not disregard borrowing. 'You cannot ignore this,' he said, adding, 'I never said the UK should ignore bond markets. What I meant was that political decisions since the 1980s have left us beholden to them.'