Andy Burnham will tell Labour's party conference the state must take 'more control of the basics,' pledging public control of energy, water and housing in what is being described as the most Left-wing speech by a modern British prime minister, according to the Daily Mail. The speech is also expected to signal an end to the pension triple lock.

Financial journalist Alex Brummer writes that no event is more seared into his memory than the drama of September 28, 1976, when Britain's fiscal and currency crisis forced the government to seek an IMF bailout, and says he fears a repeat under Burnham, per the Daily Mail.

Hypothesis: markets will treat the triple lock signal, not the nationalisation pledges, as the sharper fiscal red flag, since it implies an unfunded liability shift rather than a one-off asset purchase. Supporting this: Brummer's direct invocation of the 1976 crisis, a moment triggered by loss of currency and fiscal confidence rather than by public ownership itself. Against this: the sources do not detail financing plans for either policy, so the market's actual read is not yet established.

What to watch: how gilt yields and sterling move once the full conference speech and any costing are published, and whether other City figures echo Brummer's 1976 comparison or push back on it.