Best Of

Well said John Healey.

https://www.telegraph.co.uk/politics/2026/06/11/john-healey-resigns-as-defence-secretary-labour-starmer/

John Healey has resigned as defence secretary over Sir Keir Starmer’s defence investment plan (DIP).

He has accused the Prime Minister of failing to “meet the moment” over his long-delayed proposal to boost the military.

Sir Keir is expected to set out details of the plan as soon as tomorrow, but it is thought to have been watered down following a row between No 10, the Ministry of Defence and the Treasury.

In a letter to Sir Keir, Mr Healey said the defence investment plan “falls well short of what is required for defence and the country at a dangerous time”.

He added: “Without a DIP that meets the moment in this way, I am being forced to make decisions that would reduce the readiness of our Forces and increase the risk to personnel on operations, and could make the country less safe.”

Wow. Starmer and Reeves are finished.

Well said John Healey.

https://www.telegraph.co.uk/politics/2026/06/11/john-healey-resigns-as-defence-secretary-labour-starmer/

John Healey has resigned as defence secretary over Sir Keir Starmer’s defence investment plan (DIP).

He has accused the Prime Minister of failing to “meet the moment” over his long-delayed proposal to boost the military.

Sir Keir is expected to set out details of the plan as soon as tomorrow, but it is thought to have been watered down following a row between No 10, the Ministry of Defence and the Treasury.

In a letter to Sir Keir, Mr Healey said the defence investment plan “falls well short of what is required for defence and the country at a dangerous time”.

He added: “Without a DIP that meets the moment in this way, I am being forced to make decisions that would reduce the readiness of our Forces and increase the risk to personnel on operations, and could make the country less safe.”

Unless Burnham finds a magic money tree then he’s destined to disappoint a lot of people .

He seems to be going on about de-industrialisation . Exactly what is he going to do to combat that with no money and we’re living in a different world now .

Indeed the concern is that voters will be even more merciless towards him . Having promised big changes there’s only so much that his better communication and apparent northern charm can cover up for the reality of the current financial situation.

Alex Wickham
@alexwickham

NEW: Bond investors warn an Andy Burnham win in Makerfield next week will ignite another bout of market volatility (and this was before his WASPI compensation comments)

Colin Lancaster, global co-head of discretionary macro and fixed income at Schonfeld, compares it to Brexit night. “Makerfield kind of gives me PTSD from Sunderland. This is another of these self-inflicted wounds where there just isn’t a plan.”

“The PM is someone that is a known quantity in the market. We have an unknown quantity that can come through,” said Kostas Deslis, portfolio manager and senior trader at Neuberger.

“He is a windsock,” said James Athey, fund manager at Marlborough Investment Management Ltd. “He is hard to price because he says a lot of confused, confusing and conflicting things.”

“The domestic fiscal side is not settled,” said Lauren van Biljon, portfolio manager at Allspring.

“Gilts will continue to be subject to political risk,” says Chris Iggo, chief investment officer at AXA IM Core at BNP Paribas Asset Management.

https://x.com/alexwickham/status/2064985081853198611

To summaries;

Continuity means Stability, Change causes Disruption, You can make money from that Change.

People are reading this as Burnham being like Truss, but it's really about him bringing a change and being an uknown quantity.

I think it's less the markets think he'll be much different to Starmer as seeing opportunities in him not being Starmer.

Sometimes it's hard not to see these kinds of comments as less warnings of upheaval in the markets as attempts to create it.

Peter.