Andy Burnham swept to victory in the Makerfield by-election on Thursday, but his acceptance speech was laced with loss. It was a “wrench”, he said, to have to leave the job he loved after nine years as mayor of Greater Manchester, a role from which he now automatically resigns, triggering a mayoral election on 30 July. He promised he was not “leaving the service of Greater Manchester”, but for many in the region, his departure felt like a blow.
“I’m quietly disappointed,” said Neil Townley, 59, from Worsley. “I’ve always thought Burnham had the North West at heart … he will be sadly missed.” Spencer Keogh, 56, from Walkden, called it a “great job” and warned the next mayor will find Burnham “a hard act to follow”. Jane Battersby, 59, from Tyldesley, credited Burnham with vastly improving buses but said she thinks he “played the long game” for a shot at prime minister. “He’s a politician and he’s always been a politician,” she added.
“Andy Burnham's by-election win triggers mayoral election and bond market calm, but union boss warns against appointing Ed Miliband as chancellor”
Burnham’s return to Westminster has already unsettled the bond markets – but not in the way his team feared. They had worried about a surge in borrowing costs at the 8am market open, but with inflation lower than expected this week and the Bank of England releasing a lower forecast, gilt yields only shrugged upwards slightly. “The market is currently fairly relaxed,” the New Statesman reported, noting investors took Burnham’s fiscal commitments at face value. But Neil Mehta, macro portfolio manager at RBC Bluebay Asset Management, warned that Burnham’s orthodox fiscal stance so far looks “traditional, and almost Starmer-ish”. “I still expect Burnham here to come in and be a bit more revolutionary,” Mehta said. “Otherwise, what’s the whole point of his campaign?”
Burnham has assembled a heavyweight team of economic advisors: Andy Haldane, the former Bank of England chief economist; Jim O’Neill, the former Goldman Sachs chief and Treasury minister; and Richard Hughes, the former OBR chair. But the most significant name is Ed Miliband, who has been advising Burnham on how to project fiscal discipline. Rumours are abounding that Burnham could appoint Miliband as chancellor if he becomes prime minister – a prospect that has already drawn fire. A union boss has urged Burnham not to give Miliband the role, as the delicate balance between voter promises and market expectations grows ever more fragile.