Andy Burnham promised that his government would ensure fiscal stability but refused to rule out new borrowing, blaming previous Conservative governments for the country’s high national debt.
“This government is founded on fiscal responsibility,” Andy Burnham said on Wednesday during his first Prime Minister’s Questions session since taking office in July. “It will adhere to fiscal rules.”
“Global market turbulence stems from the risks left by previous administrations,” he said in response to a question from opposition leader Kemi Badenoch about the rising cost of government borrowing due to the sharp increase in yields on government bonds.
Sell-Off of British Bonds Continues
British bonds continued to fall in price on Wednesday amid global concerns over energy prices and inflation.
When asked by Kemi Badenoch whether he would rule out tax increases in the upcoming budget, Andy Burnham avoided a direct answer, noting that since coming to power he had tried to reduce some taxes and fees. When pressed to rule out new borrowing, Burnham also did not give a direct answer, instead criticizing the actions of the previous Conservative government.
“Debt was rising as a share of GDP under the government she served in,” the prime minister stated.
According to Bloomberg
