Burnham rejects 'tax and spend socialist' comments
Prime Minister Andy Burnham has rejected claims that his government is a 'tax and spend socialist' regime, insisting he is prepared to make difficult economic decisions. Former Bank of England chief economist Andy Haldane warned that financial markets are skeptical of the government's willingness to cut public spending, citing rising borrowing costs. Burnham acknowledged the upcoming Budget will be challenging but maintained that his administration has already taken steps to manage the economy responsibly.
- ▪Andy Haldane stated that financial markets now view the government as a traditional tax and spend socialist administration due to concerns over spending cuts.
- ▪Prime Minister Burnham denied this characterization, arguing that his government has already made difficult choices, such as scrapping the digital ID rollout.
- ▪Rising costs of UK borrowing and inflation from the Middle East conflict have reduced the government's fiscal buffer ahead of the October 28 Budget.
- ▪Burnham remains committed to Labour's manifesto pledges not to raise income tax, VAT, or National Insurance, which limits revenue-raising options.
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| Publication time | Wed, 16 Sep 2026 12:50:20 GMT |
| Retrieval time | 2026-09-16T12:53:41.534Z |
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Burnham rejects 'tax and spend socialist' commentsImage source, PA MediaByPaul SeddonPolitical reporterPublished3 minutes agoAndy Burnham has insisted he is prepared to take "difficult decisions" on the economy, after a former Bank of England chief economist said investors were worried about his willingness to cut spending.Speaking on Monday, Andy Haldane, who has advised Burnham on the economy, claimed financial markets had grown wary of his economic plans and now considered his premiership a "traditional tax and spend socialist government".But the PM rejected this, adding that he would not take risks with the economy and had already made difficult choices since taking office.It comes as recent rises to the cost of UK borrowing worsened the political options facing the government ahead…
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