H
Harry Woolman
American stuntman
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APPEARANCES
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Jul 24, 2026
What will Burnham's government mean for taxes?
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10:13

Harold MillsHOST
Um, so Antonia's kind of mentioned the different kind of sets of proposals for, for taxation, but given the kind of the UK's position on debt, deficit, borrowing costs, actually how much flexibility does Burnham have?

Harry WoolmanGUEST
If we frame it in with some figures and add some context there, if we look at UK's total debt, so summing government debt, household debt, and corporation debt, we're at two hundred and thirty-nine percent of GDP, which is the highest in the G7.

Harry WoolmanGUEST
If we look at net debt to GDP, we're at ninety-five percent as of May, and that is trending in the wrong direction.

Harry WoolmanGUEST
To cut the government some slack, there are a lot of external factors impacting sentiment, impacting higher r- inflation pricing, therefore impacting higher rate pricing, which of course makes their position all that tougher.

Harry WoolmanGUEST
That being said, though, comments from Andy Burnham last night where he said he was seeking out any flexibility to the UK's fiscal rules, it's debatable how much flexibility there is, full stop.

Harold MillsHOST
Do you think it's gonna be a case of, you know, Burnham and his new chancellor are gonna be kinda looking down the back of the sofa for a little bit of money, say, on, on pensions, on ISAs, capital gains, property? 'Cause he obviously can't touch the big three now.