No matter how overwhelming or mawkish he might be, you can’t deny that Andy Burnham’s first couple of weeks as PM have been chucked full of ideals, ambition, and promise.

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But, while I love the sunshine and rainbows as much as the next guy, at some point, there’s no question that he and his Government will have to rein in the cash-heavy spending plans. Otherwise, he might just usher in a new period of austerity.

My argument is based on an unfortunate reality the UK has been facing for a while now: the fragility of and uncertainty within our gilt market – the investable market that funds our Government’s spending.

This market, comprised of many multi-billion-pound institutional investors, has been teetering on the brink of a riot, a mass sell-off, for a while now. Particularly over Starmer’s tenure, yields –........

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