Burnham stands by 'in hock' bond market warning and says UK is left 'over-exposed' to global shocks

From the Newshound archive · first published 23 September 2026.

Andy Burnham has defended his warning that Britain is too dependent on bond markets, insisting the country's high borrowing has left it "over-exposed" to global volatility — and accusing Sir Keir Starmer's team of misrepresenting his original remark. The Prime Minister made the comments to the New Statesman on the same day the yield on UK gilts hit its highest level since the 2007 financial crisis. The International Monetary Fund's Kristalina Georgieva separately urged the UK and other leading economies to cut borrowing and reduce debt.

Burnham is also weighing a £3,000 rise in the income tax personal allowance — shifting the threshold from £12,570 to £15,570 — funded through higher capital gains tax and scrapping interest payments on Bank of England reserves.

The PM traded barbs with actor Danny Dyer, who called Burnham a c*** at a Surfers Against Sewage protest; Burnham hit back: 'I'm not sure I know who he is — is he the father-in-law of a West Ham player?'