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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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Andy Burnham blames rising debt costs on Tory record at first PMQs
Kemi Badenoch pointed to a warning that the Prime Minister’s tone during his Tuesday Commons debut would have unsettled investors.
·Southampton, United Kingdom
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Burnham refuses to rule out more borrowing and blames Tories for debt crisis
Andy Burnham has refused to rule out borrowing more and raising taxes to fund his government’s spending plans, as he blamed the UK’s vulnerability to the ongoing global bond rout on the Conservatives. Speaking at his first Prime Minister’s Questions, Burnham said spiralling debt costs in the UK, which have hit near two-decade highs in [...]
·London, United Kingdom
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Total News Sources26
Leaning Left4Leaning Right5Center6Last UpdatedBias Distribution40% Center
Bias Distribution
- 40% of the sources are Center
40% Center
L 27%
C 40%
R 33%
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