It is difficult to imagine how Andy Burnham failed to see it coming. But after blaming Britain’s travails on Margaret Thatcher‘s legacy, he is now being taught a harsh lesson in the political ideology named after her.
The bond markets’ reaction – considered the most reliable barometer of success or failure in the Thatcherite economic sphere – to Mr Burnham’s parliamentary debut as Prime Minister has been both swift and devastating.
Against a backdrop of growing unease at the likely content of next month’s Budget, his obsolete Left-wing rhetoric proved deeply unnerving to financiers. Even Lord O’Neill, a distinguished economist and ally
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