Darren Jones says bond markets should be ‘content’ with Burnham’s economic plans – UK politics live | Politics

Good morning. There are very few positives Keir Starmer For his current situation, however, one of them is that he won’t have to worry about getting PMQ any time soon. In his memory, Tony Blair He described the PMQs as “arguably the most frustrating, confusing, nail-biting, bowel-moving, dismayed, courage-draining experience of my prime ministerial life”. Today’s could be Starmer’s third-to-last match. Including today, there are four Wednesdays between now and Friday, July 17, when Andy Burnham will be PMQ, but one of them coincides with the NATO summit and Starmer must therefore be away.

Although we will hear from Starmer at PMQs, interest in what he has to say may be limited. Power is like water on a sloping surface; It’s heading in one direction very quickly, and despite being sworn in as an MP on Monday afternoon, Andy Burnham is already the most powerful figure in Westminster and much of the political class is focused on what kind of administration he could lead. Three developments took place in one night.

• It was revealed that Burnham appointed James Purnell, who served in the cabinet with him during the Gordon Brown period, as his private secretary. Here is our story, Kiran Stacey And Jessica Elgot.

• The prime minister’s general secretary, Darren Jones, announced he would not run for leadership against Burnham. He refused to rule it out and some Starmer loyalists were urging him to run. Ben Quinn It has a story.

• Burnham decided not to appoint Rachel Reeves as chancellor. BBC reports. This hasn’t been officially confirmed, but it’s not a huge surprise and the fact that the BBC gave a briefing means they’re reporting this with some confidence.

Jones He explained his decision in an interview with Sky’s Beth Rigby. The idea that he might mount a leadership challenge never seemed particularly likely in the first place, and perhaps the most interesting aspect of the interview is that Jones now seems confident that Burnham’s government will not abdicate fiscal responsibility. Jones, who was Reeves’ deputy at the Treasury until last autumn, supported his drive to keep borrowing under control and said in the interview that he had been encouraged to side with Labor MPs worried about Burnham’s economic policies. He also says he spoke to Burnham on Monday; Which means Burnham probably has a better idea of ​​how to run the economy than most people.

Jones suggested Burnham might increase borrowing slightly, but would do so in accordance with the financial rules Burnham said he would abide by. Jones said it was possible to “borrow a little more” within fiscal rules.

Here’s the key exchange between Rigby (BR) and Jones (DJ).

B.R.: So you will be happy [Burnham] borrowing more money, investing in specific projects.

DJ: And I think that’s what the market, the unions and the parliamentary Labor Party want. Because if you have a credible plan for how investment can increase economic output, then that’s something we do well.

B.R.: So did he tell you that this was his intention?

DJ: Yes, we talked about many of these details and he was interested in the ideas I put forward; Ways in which the Treasury works well and sometimes not so well. These are some of the delivery challenges I am trying to solve across government as the Prime Minister’s principal secretary. And I think Andy just wants to bring the party together, come in and educate the public as we prepare for the next general election.

B.R.: To put it bluntly, in these meetings where you were looking for assurance on economic policy, he told you that he wanted to borrow more money to invest in some infrastructure investment projects.

DJ: We talked about the things I read in the media. For example, we talked about the construction of the town hall and this conversation. So, he did not give me detailed information about his spending priorities, but as I said, there is a way to do this in accordance with fiscal rules and ensure economic stability.

Later Rigby He asked Jones whether bond markets would be happy with Burnham’s government (i.e. they would not raise borrowing costs due to concerns spending would get out of control) or whether that would depend on who he appoints as chancellor. Jones replied:

I think they can be pleased and I think it can be done the right way. Andy will need to explain who his team is and what his policy platform is. But that’s the discussion we have today on the basic principles involved.

Rigby He asked Jones if it was “safe.” And Jones replied:

I’m relieved, yes.

I will publish the rest of the interview soon.

Here is the agenda of the day.

9.30: Louise Casey, chair of the independent commission into adult social care, is giving evidence about her review to the House of Commons health committee. Care minister Stephen Kinnock gives evidence at 10.30am.

10am: Makes an announcement regarding the next phase of the grooming gangs investigation.

10.15: Reform UK leaders Nigel Farage attend a Q&A at the Alliance for Responsible Citizenship conference.

11.45: Donna Ockenden’s report into failings at Nottingham University Hospitals (NUH) NHS Trust has been published. A ministerial statement will be made in the House of Commons later.

Afternoon: Keir Starmer faces Kemi Badenoch at PMQs.

14.20: Women and Equalities Minister Bridget Phillipson testifies to the House of Commons women and equalities committee.

Afternoon: Starmer is flying to Berlin for a meeting of the E5 (Britain, France, Germany, Poland and Italy) to discuss the need for greater European and NATO support for Ukraine and the Middle East. A press conference is expected to be held at 5pm UK time.

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