Andy Burnham's choice of Chancellor will be determined by international financial markets

At no time in my adult life has there been a greater need for a Chancellor of the Exchequer who inspires confidence – and can determinedly keep Britain on the fiscal straight and narrow.

When it comes to the state of our public finances, Britain is now an outlier. Our national debt has tripled as a share of GDP over the last 25 years – and is still growing at a faster pace than any country in the world except Botswana.

Economists are increasingly warning that “crippling” government debt levels are piling unnecessary pressure on families and firms via higher borrowing costs, while risking what would be a disastrous bond market meltdown.

Andy Burnham left the House of Commons in 2017, when he was elected Greater Manchester Mayor. Having convincingly won the Makerfield by-election last week, he has just been sworn back into Parliament.

Now Prime Minister Keir Starmer has resigned as Labour leader, Burnham is expected soon to take over his party leadership, and the Premiership. Given the state of the UK’s public finances, there is intense interest in Burnham’s economic policy ideas – with the direction of travel to be set, in particular, by his choice of Chancellor.