Burnham fights back against 'tax and spend' label as Budget looms

A former Bank of England economist warned investors that Burnham risks a “traditional tax and spend” approach, but Burnham rejected the label, saying he would not gamble with the economy and has already made tough spending choices, including reprioritising spending and scrapping digital ID. With the October Budget approaching, he must balance cost-of-living relief and Labour’s pledge not to raise main taxes or debt targets, while inflation concerns and rising debt-servicing costs loom. Unions are pushing for higher taxes on banks to help subsidise energy bills, adding to the political pressures ahead of the budget.