Burnham spooks gilt market with Healey appointment

John Healey’s surprise appointment as Chancellor does nothing to neutralise the danger posed by new UK Prime Minister Andy Burnham’s own instincts on borrowing and spending, warned the CEO of a leading independent financial advisory.

Gilt yields eased back and sterling ticked higher on Healey’s appointment, after Burnham’s first comments as PM had driven 10-year yields up eight basis points to 5.049% and pushed 30-year borrowing costs to their highest since late May....