Andy Burnham’s first cabinet appointments as prime minister have been described as “surprising” but also “logical” by the industry as experts assess what they could mean for spending and taxation. Richard Carter, head of fixed interest research at Quilter Cheviot, described Healey as “arguably a safe pair of hands” for chancellor. Carter added that Healey’s Treasury background “should keep bond markets calm for now”, although the relationship between Burnham and his chancellor would be closely watched. “Burnham has made it clear he will take an interest in Treasury matters, so will want to be able to steer the direction of economic policy,” he said. “Efforts to maximise capital spending under the current fiscal rules are highly likely, but tax rises at the autumn Budget seem inevitable.”