Andy Burnham’s change in tack on fiscal rules and bond markets is understandable

Bookies’ favourite to replace Keir Starmer tones down stance on government borrowing to assuage City investors

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Andy Burnham has always faced a narrow path to replace Keir Starmer as prime minister: a tricky byelection, a leadership contest that is yet to be declared, and a far from constructive bond market backdrop.

In making his pitch, assuaging City investors in particular has led the Greater Manchester mayor to dance on a pin.