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Wed, 16 Sep 2026

Wed, 16 Sep 2026 Burnham rejects 'tax and spend socialist' comments

The prime minister insists he is prepared to take "difficult decisions" at next month's Budget.
Andy Burnham has dismissed concerns that investors are wary of his economic plans, despite claims from former Bank of England chief economist Andy Haldane that they consider him a "traditional tax and spend socialist government". Haldane stated that financial markets have lost confidence in Burnham's ability to make tough decisions on public spending, but the prime minister insisted he has already taken difficult choices since taking office. He pointed out that he had prioritized some government spending over the summer and scrapped the digital ID rollout. Burnham also rejected Haldane's characterization of market sentiment, saying "we are not that". The prime minister acknowledged that next month's Budget will be challenging due to rising inflation, but emphasized his commitment to making difficult decisions to keep the economy on track. He is under pressure from unions to hike taxes on banks to subsidize energy bills for poorer families. Burnham has also reiterated his pledge to stick to the previous government's debt and spending targets, which may become harder to meet due to recent increases in borrowing costs.