Andy Burnham vs the bond markets: who really runs Britain?

Video Description

Andy Burnham says it’s time for the UK to stop being in hock to the bond markets. The City is in uproar, but who really calls the shots in Britain—the government we elect, or unelected financiers? In this video, I unpack Burnham’s challenge, the myths about debt and borrowing, and why democracy—not markets—must decide our future. Let us know you thoughts by voting in our poll: https://www.youtube.com/post/UgkxmFnVFkscTCZYlbQ1Z_tS3bx0UgWMUIHX 00:00 Introduction – Andy Burnham challenges bond market dominance 01:00 Burnham’s background and political journey 02:30 Media panic and City reaction to his comments 04:00 Do bond markets run the UK economy? 05:30 Burnham’s proposals: council housing and utilities 07:30 Funding through fair taxation and modest borrowing 09:00 Why this is traditional Labour policy 10:30 Markets claim panic – but who really owns UK debt? 12:00 Overseas investors, pension funds, and the Bank of England 13:30 Myths about market reactions and Liz Truss comparison 15:00 The truth about government borrowing and MMT 16:00 Bond markets as deposit-taking, not real borrowing 16:45 Conclusion – Democracy first, not the City of London TRANSCRIPT A transcript for this video is available at: https://www.taxresearch.org.uk IF YOU WANT TO WRITE TO YOUR MP ABOUT ISSUES IN THIS VIDEO If you want to write a letter to your MP on the issues raised in this blog post, there is a ChatGPT prompt to assist you in doing so, with full instructions, here. https://www.taxresearch.org.uk/Blog/2025/06/20/chatgpt-prompt-for-a-letter-to-your-mp/ HOW TO SUPPORT US Please consider donating: https://ko-fi.com/taxresearch ABOUT RICHARD MURPHY Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax’. This video was edited by Thomas Murphy. RICHARD MURPHY ON BLUESKY: https://bsky.app/profile/richardjmurphy.bsky.social OR ON MY BLOG: http://www.taxresearch.org.uk/Blog/ HIT SUBSCRIBE & GET NOTIFICATIONS Subscribe and get notified of new videos released. INTRODUCTION: https://www.youtube.com/watch?v=HdHsRPy3060 PLAYLISTS: The Wealth Series https://www.youtube.com/playlist?list=PLvRueM6wBgobQLeyZYAagFDMjEFTKbhRD Ecenomics https://www.youtube.com/playlist?list=PLvRueM6wBgob54Gs-fOL-8OAQ-IpduwB4 Britain https://www.youtube.com/playlist?list=PLvRueM6wBgobwTT4ATvJjsf8OO6S7wD10 Tax https://www.youtube.com/playlist?list=PLvRueM6wBgoaMni_12J6ULp3yUJisUZoY MMT https://www.youtube.com/playlist?list=PLvRueM6wBgoZ6jvRGSW5YXu8qogE6aClX Money https://www.youtube.com/playlist?list=PLvRueM6wBgoYnLk1c7syTvoIo8bKYUs5m Climate Change https://www.youtube.com/playlist?list=PLvRueM6wBgob4_wsYaVivWd2WumpPLYwJ USA https://www.youtube.com/playlist?list=PLvRueM6wBgoYYd3dSyU2Oyl3x7bWJOP7H Labour https://www.youtube.com/playlist?list=PLvRueM6wBgoa-KhzG-fnjDSg1WROL1zMw The Trump Administration https://www.youtube.com/playlist?list=PLvRueM6wBgobz41-GLimTho27A3flVWQx #AndyBurnham #UKPolitics #LabourParty #CityOfLondon #BondMarkets #PublicInvestment #SocialHousing #Nationalisation #Utilities #TaxTheRich #RachelReeves #KeirStarmer #FiscalRules #ModernMonetaryTheory #PublicSpending #EconomicJustice #FinancialMarkets #DemocracyFirst #PoliticsOfCare #UKEconomy