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Andrew Griffith: Burnham 'making up stories' about my role in Truss Budget

Created at 3 Sep · 12:06 AM2 sources↑ Market-relevant2 events
IN SHORT

Newly appointed shadow Chancellor Andrew Griffith has accused Andy Burnham of fabricating details about his involvement in the Liz Truss mini-Budget. Griffith stated he was a junior minister for financial services regulation and unaware of the budget's final details until after printing.

Key Numbers

5.2510-year gilt yield in percent
5.8930-year gilt yield in percent
1998year highest 30-year gilt yields seen since

Who's Involved

Andrew Griffith
newly appointed shadow Chancellor
Andy Burnham
political opponent criticizing Griffith's past role
Liz Truss
former Prime Minister whose administration Griffith served
Kemi Badenoch
appointed Griffith as shadow Chancellor
Andrew Griffith: Burnham 'making up stories' about my role in Truss Budget

↳ Why This Matters

The exchange highlights the political battle over economic credibility and past policy decisions as parties position themselves ahead of future elections. Griffith's defense aims to counter attacks on his suitability for a key economic role.

Key facts

  • Andrew Griffith, the new shadow Chancellor, denies Andy Burnham's accusations about his role in the Liz Truss mini-Budget.
  • Griffith claims he was a junior minister for financial services regulation and unaware of the budget's final details.
  • He argues current government bond yields reflect uncertainty and are higher than during Truss's premiership.
  • Griffith suggests Burnham is trying to distract from current government spending and inflation concerns.
  • He believes his private sector experience is key to managing government finances.

    • Andrew Griffith, the newly appointed shadow Chancellor, has strongly refuted claims made by Andy Burnham regarding his involvement in the controversial Liz Truss mini-Budget. Griffith, who served as a junior minister for financial services regulation at the time, stated that he was not aware of the budget's final details until after it had been printed.

    Griffith accused Burnham of "making up stories" and attempting to deflect from current economic concerns, pointing out that government bond yields have risen to levels higher than those seen during Truss's premiership. He attributed the current market unease to government uncertainty over spending plans and potential tax rises, which he argues are damaging business confidence.

    Griffith highlighted his decade-long experience as finance director for FTSE 100 company Sky, asserting that this private sector background provides him with the necessary discipline to manage government finances effectively. He suggested that the current Cabinet's comparative lack of private sector experience is a disadvantage.

    Frequently asked questions

    Andrew Griffith argues that his decade-long experience as finance director for FTSE 100 company Sky gives him the necessary business acumen to balance government books.

    He has faced criticism from Andy Burnham regarding his role as a junior Treasury minister during the Liz Truss administration and the associated mini-Budget.

    Griffith states he was not privy to the budget details until after they were printed and argues that current bond yields reflect government uncertainty, being higher than during Truss's tenure.

    He suggests that the Cabinet has a comparative lack of business acumen, which he sees as an advantage for his party's vision.

    What Happens Next

    01Burnham is expected to continue questioning Griffith's past role.
    02Griffith is likely to further outline his economic policy proposals.

    How It Developed

    Andrew Griffith was appointed shadow Chancellor by Kemi Badenoch.
    Andy Burnham repeatedly criticized Griffith's role as a Treasury minister during the Liz Truss administration.
    Griffith accused Burnham of "making up stories" about his influence on the Truss mini-Budget.
    Griffith stated he was a junior minister for financial services regulation and not privy to the budget until it was finalized.
    Griffith pointed to current government bond yields being higher than during the Truss administration, attributing it to government uncertainty.
    Griffith accused the current government of creating a "multi-billion black hole" in finances due to gilt premiums.

    Sources

    T1
    Andrew Griffith: My FTSE 100 experience means I know how to balance the booksCity AM
    T1
    Andrew Griffith: Burnham ‘making up stories’ about my role in Truss BudgetCity AM

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