Manama/London: Andy Burnham’s win in Makerfield, paving the way for him to potentially challenge Keir Starmer and become UK Prime Minister, could trigger a Liz Truss-style spooking of UK bond markets and accelerate a mass exodus of wealth from Britain, warns the CEO of global financial advisory giant deVere Group.

The stark warning from Nigel Green comes after Burnham secured a dominant victory in the Labour stronghold, reigniting speculation about his future leadership ambitions and raising questions about the future direction of Labour economic policy.

Nigel Green says investors are likely to view Burnham’s growing influence through the prism of taxation and public spending.

“Burnham’s victory materially increases the likelihood of Britain moving towards wealth taxes, and other measures, aimed at private capital.

“Investors notice shifts in political probability long before policies reach Parliament.

“A politician who can defeat Reform UK in Labour heartlands and emerge as a credible future Prime Minister becomes impossible for markets to ignore.

 “Burnham’s success makes future tax raids on wealth appear more plausible than they did a week ago.

“The UK’s debt burden remains enormous. Public spending demands continue to rise. Economic growth remains weak.

“At some point governments start looking for additional sources of revenue.

“Wealth becomes an obvious target.”

“Britain cannot afford a sustained exodus of entrepreneurs, investors and capital at a time when growth remains fragile.

“Yet policies aimed at wealth make that outcome more likely.

“People who wait until wealth taxes are announced have often waited too long, likewise for exit taxes.

“The most effective planning takes place before governments act, not afterwards.

“Makerfield may prove significant because it increases the probability of exactly the sort of political shift that wealthy families and investors have been preparing for.”