At the time Burnham proposed this extra £40 billion of borrowing, the government was running a deficit of nearly £140 billion a year.

Mr Burnham promised a vote for him in Makerfield would be a vote to ‘change Labour’

Municipal bonds could create genuine local economic autonomy. But they require infrastructural change to work, writes Tim Focas.

Andy Burnham appears to have ditched a planned call with hedge fund managers, billed as an opportunity to cool concerns about his economic approach.

One analyst said markets would reprice U.K. fiscal risk "accordingly and quickly" if Burnham's political ambitions come to light.

The Greater Manchester mayor appears set to challenge for the Labour leadership

Exclusive: Greater Manchester mayor sets out his priorities before Makerfield byelection – and what might happen after the vote

At the time Burnham proposed this extra £40 billion of borrowing, the government was running a deficit of nearly £140 billion a year.

Andy Burnham has hinted at how he would handle tax policy

Burnham has announced that if he becomes prime minister, he will cut business rates for pubs and music venues by 20 per cent in 2027-28.