Burnham’s plan for a radical reset collides with economic reality | Heather Stewart

Surging energy bills, higher borrowing costs and rising inflation have left the PM and his chancellor in a fiscal bind

As Labour heads to Liverpool this week, Andy Burnham has promised to deliver “stability” in the public finances; but the economic backdrop is anything but stable.

The longer the US-Israeli war on Iran persists, the more likely it is that UK consumers will have to swallow higher mortgage rates and energy bills – just as the government is wrestling with its own surging borrowing costs.