Burnham, Healey Are Testing Gilt Market's Patience
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, warns the CEO of one of the world's largest independent financial advisory organisations, cautioning investors against mistaking a calmer morning for a change in direction.
Nigel Green of deVere Group's warning comes as gilt yields eased back and sterling ticked higher on Healey's appointment, after Burnham's first comments as Prime Minister had driven 10-year yields up eight basis points to 5.049% and pushed 30-year borrowing costs to their highest since late May.
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Nigel Green warns that Healey's own record makes him an unlikely check on Burnham's appetite for spending.
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Nigel Green concludes:
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