Darren Jones says bond markets should be ‘content’ with Burnham’s economic plans – UK politics live

Good morning. There are very few upsides for Keir Starmer for his current situation, but one of them is that soon he will no longer have to worry about taking PMQs. In his memoir, Tony Blair described PMQs as “the most nerve-racking, discombobulating, nail-biting, bowel-moving, terror-inspiring, courage draining experience in my prime ministerial life, without question”. Today’s could be Starmer’s third last. Including today, there are four Wednesdays between now and Friday 17 July, when Andy Burnham is due to become PMQs, but one of them coincides with the Nato summit, and Starmer should be away for that. While we will hear from Starmer at PMQs , interest in what he has to say may be limited. Power is like water on a surface with a slope; it very quickly heads in one direction and, despite only being sworn in as an MP on Monday afternoon, Andy Burnham is already the most powerful figure in Westminster, and most of the political class is focused on what sort of administration he might lead. There have been three developments overnight. It has emerged that Burnham will appoint James Purnell, who served in cabinet with him under Gordon Brown, as his chief of staff. Here is our story, by Kiran Stacey and Jessica Elgot . Andy Burnham picks former Blair minister James Purnell as chief of staff Read more Darren Jones, the chief secretary to the PM, has announced that he will not stand as a leadership candidate against Burnham. He had been refusing to rule this out, and some Starmer loyalists were urging him to run. Ben Quinn has the story. Darren Jones says he will not challenge Andy Burnham for Labour leadership Read more Burnham has decided not to keep on Rachel Reeves as chancellor, the BBC is reporting. This has not been officially confirmed, but it does not come as a big surprise and the BBC has had a briefing that means they are reporting this with some confidence. Jones announced his decision in an interview with Sky’s Beth Rigby. The idea that he might launch a leadership challenge never seemed particularly likely in the first place and what is perhaps most interesting about the interview is the fact that Jones now seems confident that a Burnham government won’t abandon fiscal responsibility. Jones was Reeves’ deputy at the Treasury until last autumn, he supported her drive to keep borrowing under control and in the interview he says he was being encouraged to stand by Labour MPs worried about Burnham’s economic policies. He also says he spoke to Burnham yesterday – which means he probably has a better idea of how Burnham would run the economy than most people. Jones suggested that Burnham might raise borrowing a bit, but that he would do so in line with the fiscal rules, which Burnham has said he will keep. Jones said it was possible to “to borrow a little bit more” within the fiscal rules. Here is the key exchange between Rigby (BR) and Jones (DJ). double quotation mark BR : So you would be happy for [Burnham] to borrow more, to invest in spe