Markets have largely shrugged off Andy Burnham's by-election win in Makerfield this morning, as they wait to see how quickly he moves to topple Sir Keir Starmer and sets out his direction for policy.
Burnham is all but certain to receive the necessary nominations from 81 Labour MPs to trigger a leadership contest.
If elected, the Greater Manchester Mayor will likely drag the Government further to the left, increasing taxes and spending and therefore borrowing.
But his plans come at a time when the public finances are already stretched.
The latest borrowing figures overshot the Office for Budget Responsibility's forecast, reaching £23.3billion in May, higher than the £17.9billion recorded in May 2025.
