Andy Burnham given stark warning by economists ahead of first budget

• Andy Burnham may need to implement up to £10bn in tax rises or spending cuts in his first budget to counter mounting economic pressures.
• The government's fiscal headroom buffer against economic shocks has reportedly fallen from £23bn to between £5bn and £10bn.
• Surging oil prices driven by conflict in the Middle East pushed UK government borrowing costs to a 19-year high.
• UK inflation rose to 3.1 per cent in August amid higher fuel prices and air fares, moving further above the Bank of England's target.
• The Office for Budget Responsibility has launched a ten-day economic assessment to evaluate debt interest costs ahead of the budget.

IN FULL

Andy Burnham will need to raise taxes or cut spending in Budget, economists warn