New UK PM Burnham pledges fiscal responsibility amid bond market turmoil

New Prime Minister Andy Burnham moved to calm volatile UK bond (gilt) markets on 2 September, promising autumn budget choices grounded in "fiscal responsibility." UK bonds have swung more than peers' during a global sell-off driven by US-Iran tensions, inflation fears, and heavy debt supply. The episode shows how sensitively UK borrowing costs react to fiscal signals from a new government.