The two clocks of Burnhamism: Markets on Monday, clients over a decade

'Social care is the planning earthquake'

clock • 5 min read

The new prime minister wants the state to regain control of the essentials households cannot avoid buying. For advisers, the question is not what government takes over; it is where the cost and the risk finally land on the client balance sheet, writes Phillip Wickenden

The most revealing market fact of Andy Burnham's first day is what finally moved it. The big repricing happened in May, when Labour's local-election collapse opened Burnham's route to No 10 and ten-year gilt yields spiked to 5.137%; much of that premium was refunded last week as markets convinced themselves Shabana Mahmood had the Treasury sewn up - still 92% on Polymarket at 2pm on Monday. The Chancellor, announced after the close, is John Healey - Brown-era Treasury minister, former housing minister, and a defence secretary who resigned this June because the Treasury would not spend...

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