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Andy Burnham has suggested tax rises could be on the cards in the looming Autumn Budget, warning he “won’t be unrealistic” over the state of the public purse.
The Prime Minister quickly pledged to give people “breathing space” and ease the cost of living after taking the keys to No.10 last month.
But in fresh comments during his visit to Ukraine, Burnham acknowledged the fiscal pressures facing the UK and said his spending packages would be fully funded.
When pressed on whether he would need to raise taxes to cover spending gaps, he said: “I won’t be unrealistic, and people really need to understand that.
“We are in a challenging position; whatever I do will be carefully thought through, it will be funded, and there will be no more to come as we go into the Autumn.”
Top economists have already warned that Chancellor John Healey will have little capacity to announce fresh spending pledges after a spike in borrowing costs and the energy price shock triggered by the US-Iran war.
Burnham, however, has insisted he would “try to help” Brits in “whatever way” possible, adding that he wouldn’t “take risks” with people’s jobs or household finances.
“I will always take a careful approach to things. I ran Greater Manchester for 10 years and we ran a very tight ship with rock solid finances,” Burnham said.
Last week, official figures revealed Healey had overseen a surprise deficit in his first month as Chancellor. Government borrowing was recorded at £1.8bn in July, which overshot market expectations. Analysts had predicted there would be no difference between expenditure and receipts in July.
Analysis from Capital Economics has suggested that there would be “little scope” to raise borrowing in the Budget later this year. A maximum of about £15bn could be accepted, according to the consultancy, though tax rises are likely.
A separate note by senior economist Ashley Webb warned that the UK was on track to post a deficit of above four per cent of GDP for the seventh year in a row.
CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and…
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