New PM Andy Burnham sets out first steps to reshape Britain
TLT•Markets focus on financing and fiscal rules
Markets will be listening keenly to how Burnham and his unexpected pick for finance minister, the former defence minister John Healey, plan to finance their plans, after borrowing costs rose on Monday, pushing 30-year gilt yields to a two-month high.
Some investors were unsettled by Burnham's remarks that he planned to use "any flexibility" within existing fiscal rules.
Burnham to outline initial policies on Tuesday
LONDON, July 21 (Reuters) - Andy Burnham will set out his first measures as Britain's new prime minister on Tuesday in an attempt to deliver on his promises to ease a cost-of-living crisis, improve lives and end a decade of political instability.
After appointing a top ministerial team which he hopes will be more agile than that of his predecessor Keir Starmer, Burnham wants to move quickly to show Britain politics can work and improve living standards after years of stagnation.
Alongside meeting his cabinet of ministers, he will also kick off a programme he believes can turn Britain around, hoping a bolder agenda can win back voters to the governing Labour Party and fight a challenge from the populist Reform UK.
Breathing space on cost of living and rough sleeping
"I can do something to give people some breathing space now, some help with the cost of living," he said in a speech after becoming Britain's seventh prime minister in a decade on Monday.
"And I will set out some of those measures starting tomorrow, including how we pay for them."
In his first speech as prime minister, Burnham said his first ambition was to end rough sleeping in Britain, but also that he wanted people to feel the change in government in their pockets quickly.
