Darren Jones says bond markets should be ‘content’ with Burnham’s economic plans – UK politics live

Darren Jones, the UK Chief Secretary to the Treasury, has announced he will not run for leadership against Andy Burnham, a move that surprised some Labour loyalists who had urged him to stand. Jones stated in an interview with Sky News that he received assurances from Burnham regarding economic policy, particularly concerning fiscal responsibility.

Jones, who previously served as deputy to Rachel Reeves at the Treasury, expressed confidence that a Burnham government would not abandon fiscal prudence. While acknowledging that Burnham might increase borrowing slightly, Jones emphasized this would occur within the established fiscal rules. He suggested that markets and trade unions should be content with Burnham's economic plans.

The interview also touched upon potential changes in Burnham's cabinet, with reports suggesting Rachel Reeves may not continue as Chancellor. Jones's decision not to challenge Burnham, coupled with his apparent satisfaction with Burnham's economic direction, signals a potential consolidation of power around the new leader.

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And I think that’s what the market and the trade unions and the parliamentary