Burnham is in 'complete denial' about Britain's bond crisis, shadow Treasury chief warns

From the Newshound archive · first published 19 September 2026.

Richard Fuller, the shadow chief secretary to the Treasury, has accused Andy Burnham of ignoring a deepening bond market crisis after a tumultuous week for the British economy. The yield on 30-year gilts hit 5.96 per cent earlier this week — its highest level since 1998 — before easing slightly after the Bank of England halted sales of long-dated government debt. Fuller warns that further deterioration can no longer be dismissed, and that ordinary families are already feeling the squeeze. He says the Government is reaching for the national credit card instead of gripping the crisis.

Top economist Andy Haldane branded the Burnham government a 'traditional tax and spend socialist government with better TikToks', touching a raw nerve in Downing Street.

Fuller warns the Government risks 'tying a millstone' around future generations unless it cuts spending to stabilise borrowing costs still hovering near three-decade highs.