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.
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
Credit to : Richard J Murphy