Andy Burnham, the mayor of Greater Manchester and potential challenger to Keir Starmer, said his remarks about Britain being “in hock” to the bond markets were misinterpreted. The Labour leadership contender insisted his comments were taken out of context and that his economic vision would actually make the UK “a more investible proposition.”

Burnham’s comments last year sparked debate about Labour’s stance on fiscal policy and market relations. The mayor’s intervention comes as speculation grows about potential challenges to Starmer’s leadership following mixed local election results. His remarks about bond markets had been seen by some as critical of financial institutions.

By clarifying his position, Burnham aims to position himself as a pro-business alternative within Labour while maintaining his critique of market dependency. The clarification suggests he’s seeking to balance economic credibility with his political ambitions. His emphasis on making Britain more attractive to investors indicates an attempt to appeal to both party members and financial markets.