NEW: Keir Starmer’s allies warn Andy Burnham would be Labour’s Liz Truss and trigger a bond market rout… as economists voice their concerns… gloves off
— Burnham calls for £40 billion extra borrowing to pay for new council homes in his pitch to be PM in the Telegraph today
— he told the New Statesman the govt must stop being “in hock to the bond market”
— a Starmer ally says these policy suggestions are unserious and irresponsible and would risk a gilts shock as bad as Truss
— Reeves will say in her conference speech that they can only do Labour policies if they have market confidence, a clear warning that Burnham’s proposals would cause an adverse reaction
— @_CallumAnderson: “To lead a Labour Government – and a Labour Treasury – you can’t just dismiss the bond markets. Every pound spent on schools, hospitals & infrastructure depends on credibility with those who lend to the UK. Real change requires fiscal discipline, not wishful thinking.”
— and economists agree. @Frencheconomics: “You can ditch fiscal rules, OBR and being ‘in hock’ to the bond market if there is a path to value for money on additional borrowing. If you can’t, you can’t.”
— @PJTheEconomist: “We can avoid being ‘in hock’ to them by reducing borrowing. We struggle now because our borrowing and debt are extremely high. Mr Burnham wants to increase borrowing.”
https://t.co/dylKuDMejq
Full text of (long) Burnham email to Labour MPs on the new regime
- Cabinet expected to “prioritise PLP engagement”
- Whips office as “HR department”
- No more legislation presented as “fait accomplit” by ministers and officials
(1/2)
@btharris93 I don’t get why people are giving him credit for this. He’s still just the insurgent playing to the gallery, till he’s actually in power. Let’s see if he keeps it up afterwards.
Kids growing up in Crewe and Nantwich deserve nothing less than to aspire to work in the most powerful office in the land without carting their whole life down to London.
No 10 in the North opens the door to power and opportunity closer to home.
This is mental. The cases people will be upset about are friends and family who think they’re about to be screwed near the finish line - NOT new asylum cases.
NEW: Shabana Mahmood seeks to shore up support for controversial immigration bill on progressive left as she sets out plans to speed up opening of new safe & legal routes that will permit thousands of refugees to come to UK.
Saturday’s @guardian splash by @rowenamason@syalrajeev
https://t.co/OAyFc586bd
“I want an education system that gives everyone the opportunities I had”
Then stop forcing independent schools to close! This policy is so utterly spiteful and contradictory.
You don’t get it do you?!
I saw privilege that people paid for & didn’t earn. And instead I want an education system that gives everyone the opportunities I & others had. You clearly can’t understand that concept because you want to preserve privilege for those who can afford it.
Yet another government source weighs in - this is a big pile on reflecting the chaos in government right now.
“Andy is going to have the same problem with Shabana that Keir has. She and her operation are totally out of control, and think rules only apply to others, not themselves. I give it six months.”
Feels like this story is a tipping point
Action on super pollutants is the fastest way to slow global warming.
This #LCAW@ed_miliband met leaders from across the globe to drive forward this action to strengthen energy security, improve public health, protect food systems & support economic growth.
FT exclusive: Andy Burnham is looking to set up a 'Number 10 in the north', moving part of his prime ministerial operation to Manchester, in a radical attempt to shift power beyond Westminster https://t.co/YHjiVScsrh
📈 3,008 more teachers in secondaries & special schools
📈1,646 more teachers in colleges
📈Trainee teachers up 13%
📈 Teacher pay up 9.5%
📈 Record investment in schools
If standing up for state schools makes me a spiteful class warrior, I’ll wear it with pride.
#PMQs
The grimdark future is here - It’s time for Britain to embrace Warhammer
Thanks to @danielhardaker4 for letting me write something on my niche hobby and the late John Blanche https://t.co/LfKnftyaxx
From a very credible Labour source:
- Wes Streeting promised the Chancellorship for not running.
- Capital gains raised to match income tax. Possible exit tax.
- Economic focus: devolution, plus state ownership of cost-of-living essentials (energy, water, transport).
- Nothing on AI or tech, bar higher capital gains and an EIS/SEIS-style relief for backing British businesses. (Spoiler: startups now incorporate in Delaware and raise on SAFEs. I’ve done 60+ angel investments; only two were eligible.)
Andy and Wes don’t seem to grasp that tech has been the core engine of growth for 20 years, and AI will only accelerate that.
So why would any founder build here? How does the UK compete with the US and China on AI? Where does growth actually come from?
The world economy is changing fast, and we need to be ready to thrive in it, not just survive.
I really hope this admin appoints some figures who actually get what’s happening. Losing business support early, from a disastrous first budget, was the beginning of the end for Starmer.