Faisal Islam: Burnham seeks to manage the markets and Makerfield
Greater Manchester Mayor Andy Burnham has reaffirmed his commitment to the government's existing fiscal rules, which limit borrowing for public spending. This decision comes amid rising UK borrowing costs and global market turbulence. Burnham's stance aims to stabilize the markets and address concerns over government debt management.
- ▪Burnham has committed to sticking to the government's fiscal rules despite previous suggestions for changes.
- ▪UK borrowing costs rose recently, influenced by political uncertainty and global economic conditions.
- ▪The International Monetary Fund has urged the UK to adhere to its fiscal rules to manage government borrowing effectively.
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Faisal Islam: Burnham seeks to manage the markets and Makerfield6 minutes agoShareSaveAdd as preferred on GoogleFaisal IslamEconomics editorPA MediaGreater Manchester Mayor Andy Burnham has committed to sticking to the government's existing borrowing limits, known as its fiscal rules. And the markets appear to have reacted.In recent weeks, Burnham had suggested the rules might be changed, for example by exempting rises in defence spending as has occurred in Germany to allow for extra spending.Then on Friday, UK borrowing costs rose amid the possibility of a win, a quick leadership election, and Burnham's coronation as Labour leader as well as global tumult.However, on Monday, the Burnham campaign confirmed to BBC News that was no longer an option.That same day, UK 10-year gilt yield – a…
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