Andy Burnham cancels hedge fund call about ‘bond market pressure’

Andy Burnham abruptly postponed a scheduled investor call with hedge funds intended to address concerns about his borrowing plans and ‘bond market pressure’. The cancellation, attributed to by-election commitments, comes amid investor anxiety that a shift in Labour leadership could lead to larger gilt issuance and higher borrowing costs. A recent sell-off — intensified after Burnham announced his by-election bid — pushed 10-year gilt yields to their highest level since 2008, though Burnham’s team later backed current fiscal rules and dropped a proposal to exclude extra defence spending from borrowing limits, helping markets recover. The episode underlines nervousness in gilt markets and the growing influence of hedge funds over government bond pricing.