Burnham tries to calm bond market fears as sell-off threatens crucial first budget

Prime minister promises his government will make decisions ‘grounded in fiscal responsibility’ Andy Burnham moved to calm volatile bond markets on Wednesday as surging borrowing costs threatened to wreck plans for his government’s crucial first budget next month. After a days-long sell-off of government bonds – and with the chancellor, John Healey, facing the prospect of sharply reduced spending power, Burnham used his first appearance at prime minister’s questions to promise decisions would be “grounded in fiscal responsibility”. Continue reading...