Andy Burnham admits he would have liked more radical first budget

Andy Burnham, the prime minister, has admitted that his first budget was not as radical as he had hoped. This is because of the economic uncertainty caused by geopolitical crises, such as the war in Iran, which has increased borrowing costs. The economic uncertainty has limited the room for manoeuvre in the budget, meaning that Burnham was unable to implement more significant changes, including higher energy support payments. This has implications for the economy and markets, as it suggests that the government's ability to respond to economic challenges is restricted.

Why it matters

The UK's first budget under Andy Burnham is limited by geopolitical crises and Labour's 2024 manifesto. This suggests a cautious approach to fiscal policy, which may impact market expectations.

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