Burnham stands by 'in hock' comment as adviser criticises growth pledge

Summarised from 3 outlets · 7 reports · Updated 24 Sept, 23:20 · Archive

Prime Minister Andy Burnham has defended previous comments about the UK being too exposed to bond markets, saying they were misinterpreted.

Andy Burnham has reiterated that the UK is overly dependent on global bond markets, saying earlier criticism of his remarks by former prime minister Keir Starmer was deliberate misinterpretation. The comments came as UK borrowing costs spiked during a global bond market decline. Separately, Jim O'Neill, a former Treasury minister and economic adviser to Burnham, criticised the Prime Minister's pledge to deliver 'growth in every postcode', calling it 'weird' and predicting it would waste taxpayer money.

How it is being reported

• Bond market chaos as UK borrowing costs spike - just as Andy Burnham stands by assertion that Britain should be less 'in hock' to bond marketsUK borrowing costs spiked yesterday amid a global bond rout - just as Andy Burnham stood by his notorious assertion that Britain should be less 'in hock' to bond markets.This is Money · 24 Sept, 14:58
• UK borrowing costs spike amid bond market rout - just as Andy Burnham stands by assertion that Britain should be less 'in hock' to bond marketsUK borrowing costs spiked yesterday amid a global bond rout - just as Andy Burnham stood by his notorious assertion that Britain should be less 'in hock' to bond markets.Daily Mail · 23 Sept, 19:03
• Burnham stands by claim that UK is ‘in hock’ to bond marketsPM says his comments last year were deliberately misinterpreted by Keir Starmer and his advisers UK politics live – latest updates Andy Burnham has said he still believes the UK is far too exposed to global shocks, defending comments last year where he said the UK should be less “in hock” to the bond markets. He said that the comments had been deliberately misinterpreted by the former prime minister Keir Starmer and his advisers and said that his aim was not more borrowing and spending but a far more resilient economy. Continue reading...The Guardian · 23 Sept, 15:17
• Andy Burnham ally swipes at Sadiq Khan over London's decline and low housebuilding saying 'focused and functioning' mayor should do betterJim O'Neill, a former Treasury minister who has advised the Prime Minister, took a swipe at Lord Khan as he bemoaned how 'momentum has gone from London'.Daily Mail · 23 Sept, 12:38
• Burnham ally Jim O’Neill: Debt costs are ‘increasingly crazy’ and triple lock must goThe cost to taxpayers of paying off the interest on UK government debt is “increasingly crazy”, according to a top economist who advised Andy Burnham. Lord Jim O’Neill, the former Goldman Sachs executive who advised Burnham in his run-up to Downing Street, told LBCs Nick Ferrari that debit interest payments far outweighing the defence budget [...]City AM · 23 Sept, 09:48
• Burnham adviser slams ‘growth in every postcode’ pledgeAndy Burnham’s pledge to deliver “growth in every postcode” will result in “wasted taxpayer money and create political problems”, according to one the PM’s most valued economic advisers. Jim O’Neill, who was tipped to take an official role in Burnham’s government, said the Prime Minister should focus on getting gilt yields to fall by 150 [...]City AM · 22 Sept, 15:26
• Burnham ally condemns his 'growth in every postcode' soundbite warning the 'weird' idea will waste taxpayers' moneyLord O'Neill, a former Treasury minister who has advised the PM, said he was 'not a huge fan' of Andy Burnham's often-repeated mantra.Daily Mail · 22 Sept, 15:18

In this story: Andy Burnham · Jim O'Neill · Keir Starmer · UK

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