Andy Burnham has been issued a stark warning by Carole Malone as she warned of a “financial tsunami” amid Britain’s spiralling borrowing costs.
Speaking to GB News, the journalist and broadcaster insisted bond markets have now deteriorated beyond the levels seen during Liz Truss’s time in Downing Street.
Ms Malone said: “Andy Burnham is about to be hit by a financial tsunami if he doesn’t get a grip on what’s going on in this country.
“The markets have gone nuts now over the past two days.”
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The broadcaster argued that the country is in a worse financial state than when “Liz Truss was in Government”.
She said: “We’re now in a worse situation in terms of the bond markets than we were when Liz Truss was in Government.
“The interest is way, way higher.”
Despite being cautioned from all quarters to rein in spending, Ms Malone argued that the Prime Minister has refused to listen.
She argued: “While Burnham has been warned from every angle not to be spending more money, not to keep on announcing these policies that are going to take billions, he’s not taking any notice.”
She also expressed serious reservations about whether he is the “right leader” Britain needs to navigate the crisis.
“I just don’t think he’s the leader to do it,” Ms Malone stated, calling for a figure with the resolve of Margaret Thatcher.
She told GB News: “We need someone who’s strong, someone who’s got guts.”
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Ms Malone went further, describing the role of PM as “a poisoned chalice” given the scale of commitments already made.
She said: “Now is the time this country needs another leader. I hate to say it, but someone like Thatcher, someone who will just go ahead and take this by the nettle.
“He’s going to realise I think very shortly that taking this job is a poisoned chalice, because he has so much to do, he’s promised so much already.”
She drew attention to the eye-watering scale of the nation’s debt servicing burden, revealing that interest payments now stand at £304million every day.
Over the course of the 2025 to 2026 financial year, she noted, that figure is projected to reach a total of £111billion.
The sheer weight of these obligations, she suggested, leaves precious little room for the kind of ambitious spending programmes Burnham has been outlining.
Ms Malone stressed: “Now our interest on the debt is £304million a day, which in the year 2025 to 2026 is going to come to £111billion. That’s just the interest alone, that’s not paying the debt.
“And yet he is talking about devolution, about re-industrialisation, about re-nationalisation. Who’s going to pay for it? How is it going to be paid for?”
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