Andy Burnham alarms investors with call to end UK dependence on foreign lenders

Approach would risk fresh bond market crisis, say investors, amid speculation Greater Manchester mayor is seeking Westminster return

A call to end the UK's dependence on foreign lenders by Andy Burnham has been criticised by City investors who said such an approach would risk another bond market crisis.

The mayor of Greater Manchester said the UK should not be in hock" to bond markets as he outlined measures that he believed a Labour government should pursue, including a big council housebuilding programme and the nationalisation of utilities paid for with a rise in taxes on the higher paid, a charge on expensive London homes and 40bn of extra borrowing.