London, United Kingdom. Andy Burnham said on Monday that his plans for the country are consistent with Labour’s 2024 manifesto and that he remains committed to the party’s fiscal rules.
In his first speech since returning to Westminster earlier in June, Burnham said his plan for change would seek to give Britain “some breathing space” while not taking risks with the public finances.
Speech and policy position
Burnham, described as the Labour lawmaker expected to replace Keir Starmer as British prime minister, said the changes he was planning for how to run the country were “consistent with the 2024 manifesto”.
He said his plans would be “backed by the stability that comes from sound public finances … and the discipline of our current fiscal rules.”
Fiscal rules in focus
The fiscal rules include balancing day-to-day spending with tax revenues and reducing debt as a share of output. They are closely watched by financial markets.
Manifesto commitments
Before winning a landslide election in July 2024, Prime Minister Keir Starmer’s Labour Party said in its manifesto that it would not raise taxes on working people, including income tax, social security contributions, or value-added tax.
Investor concerns
There had been concern among investors last year about Burnham’s approach to the fiscal rules after he said the UK had to get “beyond this thing of being in hock to the bond markets”.