Politics · 21 August 2026

Burnham's cost of living plans face 5.1% borrowing spike

The cost of government borrowing spiked past 5.1% on Tuesday because of market worries about the ongoing conflict in Iran. This leaves Chancellor John Healey with less money to spend in the upcoming Budget unless he decides to make cuts elsewhere. The Prime Minister, Andy Burnham, has already implemented plans such as capping bus fares and pausing VAT on electricity bills.

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