Burnham: a silver lining for the Brits?
In these dark times, we look for anything to cheer us up. Andy Burnham might just fit the bill, condemning the socialist creed for ever. Will Britain then return to free markets?
From his statements, not that one should take anything a politician says as what he will do, Andy Burnham is significantly further left-leaning than Starmer. For the fact of the matter is that Starmer was ousted by a dissatisfied parliamentary Labour party for not being “radical” enough —radical meaning Marxist.
If you think I exaggerate, don’t forget that owning the means of production is a basic tenet of Marxist theory. Burnham starts with the obvious: endorsing nationalisation of steel production, utilities, transport, and energy. For his trade union backers and his backbenchers, this will only be the start; they all have their wish-lists to be funded by taxing the rich, the banks, and oil businesses.
It is a recipe for disaster, played many times before which appears to be generally unrecognised by the media and by sleepy voters. Already, on his first day in office the gilt market celebrated with the yield on the 10-year gilt rising to over 5%.
With a preponderance of foreign hedge funds and other non-UK investors long of gilts, they will become sellers as they wake up to what a Burnham premiership means. So where is the silver lining in all this?
