Andy Burnham is struggling to rein in a markets crisis today amid fears more painful tax rises are looming at the Budget.Government borrowing costs have continued to rise this morning ahead of a potentially stormy PMQs.Even allies were dismayed by Mr Burnham's blustering debut in the House yesterday, where he blamed Brexit and even Thatcher for Britain's problems but offered little policy substance.Long-term supporter Jim O'Neill, a former minister and Goldman Sachs economist who recently turned down a job advising the PM, warned that the UK would be punished for the lack of a 'sensible fiscal strategy'.He insisted Mr Burnham must 'get real' on issues such as welfare and state pensions and his speech had been the 'last thing' markets wanted to hear. Lord O'Neill told LBC: 'If your country is under the focus of ''can they come up with a sensible fiscal strategy'' on a day when the markets think ''well no, you're not showing any sign of it'' you're going to have a tough day… if it stays like this your mortgage rate is going up.' Interest rates on gilts - one of the main ways the Government borrows money - rose during Mr Burnham's statement, having hit multi-decade highs during the day.It has continued to climb this morning, with 30-year gilts now around 10 basis points above the level they were when the PM started speaking. The flare-up in the Iran war, persistent inflation, and nerves about a potential AI correction have been pushing up the costs of state debt around the world, but the UK is seen as particularly vulnerable. Andy Burnham left No10 for his first PMQs in the rain today Mr Burnham (pictured running today) is struggling to soothe a markets crisis amid fears more painful tax rises are looming at the Budget Long-term supporter Jim O'Neill, a former minister and Goldman Sachs economist who recently turned down a job advising the PM, warned that the UK would be punished for the lack of a 'sensible fiscal strategy'