00:00Well it seems to be the spend spend spend philosophy of Andy Burnham is now colliding
00:05with economic reality and Andy Burnham finally facing some scrutiny with Parliament having
00:12returned and very quickly we've already seen here the Burnham bounce as far as pollsters are
00:18concerned is pretty much over already. You've got Professor Sir John Curtis there saying that he
00:25believes the Burnham bounce came to an end after just two weeks and already we are seeing absolute
00:33mayhem under Burnham economically. UK government borrowing costs the highest in 28 years. UK
00:42borrowing costs this is a proper crisis and of course you've got a government pledging to spend
00:49huge amounts of money. One calculation there that the Burnham pledges add up to about 63 billion
00:55pounds worth of spending with precious little detail as to how this Labour government actually
01:01plan to fund any of it. You've also got a very precarious jobs market now economic situation
01:09because of Labour's repeated tax rises but you can see here a forecast by the British Chambers of
01:18Commerce they're warning here that youth unemployment could go to 17.6% nearly 20% in 2027 and everywhere
01:28you look now in this Burnham government plan there are massive massive holes including a 12 billion pound
01:36black hole that is now emerging and you can see that Bloomberg economics estimating there that you're
01:45looking about 12 billion quid already being knocked off the government's headroom but I'm afraid the
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03:11it's now being warned that what you could actually see under this Burnham government is a trust style
03:17market meltdown. That's what's now being warned about. There could be further rises in borrowing costs
03:27because Burnham hasn't laid out his government haven't laid out how they're paying for this huge
03:33splurge in spending and you can see there people very very worried about how the Prime Minister how the
03:42government actually intend to pay for all of the pledges that they've been busy making many of which
03:50of course they have no mandate for given Burnham wasn't even an MP at the time of the last general
03:56election and I guess the argument that's coming back from Labour and some lefties is well this is all
04:03global conditions and you know the UK is just getting swept up in this. Well actually as you can see
04:09reported by Alex Wickham here of Bloomberg there are UK specific investor concerns about Burnham and
04:17John Healy's plans. You can see there while some of this can be attributed to global events actually
04:28the UK situation is worse because of the risk that people are seeing now with the forthcoming Labour
04:36Burnham budget and that is why you're seeing UK borrowing costs surge. It cannot just be blamed
04:44this on global events this is actually specifically because of the Burnham government right now and up
04:53against that well you've got reform putting forward their plan which is to cut public spending by more
05:01than 100 billion pounds in 100 days including 50 billion off welfare 20 to 30 billion from other
05:09departments reducing debt interest by 28 billion and included as part of that package tax cuts imagine
05:16that for workers and yeah what you're basically seeing now is Andy Burnham colliding with economic
05:24reality and finally facing some proper scrutiny. Thank you very much Mr Speaker I applaud the Prime
05:31Minister's focus on civil society and on support for young people but the fact is that in his time as
05:37Mayor of Greater Manchester youth employment there did not improve in fact it got worse and no amount
05:43of taxpayer funded support is going to fix that so will the Prime Minister accept that the way to get
05:48young people into work is to provide meaningful tax cuts for businesses and also to ensure that people
05:54who can work should be working. I indicated that earlier today Mr Speaker young people who can work
06:02should be working I believe they want to work the question is have we always given them the support that
06:08they need. As Mayor of Greater Manchester proudly I delivered a huge increase in the work placements
06:14attached to T levels that benefited young people. I did I introduced a free bus pass for 16 to 18
06:22year olds
06:22to connect them to opportunity and actually the rise in NEETS was not the same in Greater Manchester as in
06:28other parts of the country so we might want to go back and check that. On this issue let's work
06:33to get the best
06:35possible package we can to support our young people it is too hard growing up as it is at this
06:41moment in
06:41time we can make it better if we do it as a cross party with cross party support that's the
06:46best
06:46message we could send to the next generation
