Andy Burnham’s recent PMQs appearances as the new Labour prime minister have centered on balancing defence commitments with welfare priorities, with his September 9 exchange against Kemi Badenoch highlighting the line that national security “can’t come at the expense of social security.” Traders are watching for repetition of fiscal responsibility themes, NATO targets (3.5% of GDP by 2035), or resistance to welfare cuts ahead of the October budget, amid market volatility and borrowing cost pressures. His debut sessions emphasized cross-party working and “politics done differently,” but quickly reverted to standard partisan clashes over spending and legacy issues from the prior government. The next session could shift based on any fresh economic data releases or international developments, though core narratives around defence funding and cost-of-living measures remain the dominant framing.