Burnham's Borrowing Conundrum: A Reality Check for Labour's Fiscal Fantasies As Andy Burnham prepares to face his first Prime Minister's Questions (PMQs), the UK's financial markets are sending a stark warning signal about the country's precarious fiscal situation.
The government's long term borrowing costs have surged to their highest level since 1998, with investors dumping government bonds and leaving the Treasury facing a £12 billion hit to its fiscal safety net.
This development is particularly significant because it indicates that the UK is not immune to the global economic headwinds battering governments worldwide.