Andy Burnham might set off early election inside months for one key purpose

Andy Burnham could trigger a snap election within months to tackle a mounting economic crisis, despite publicly insisting he will stick to his original pledges

Andy Burnham could drag the country back to the polls in a matter of months as Labour scrambles to plug a huge black hole in public finances, it’s been claimed.

Treasury bosses are reportedly in “meltdown” over the nation’s deteriorating finances, with Chancellor John Healey currently stress-testing options to for brutal tax hikes in next month’s Budget. The government is believed to need an extra £10bn to £15bn, with hefty hikes on capital gains, bank windfalls and an expanded mansion tax understood to be among the potential solutions.

However, it’s claimed a direct hike to income tax is viewed as the most likely option to instantly calm the markets.

Because the move would break Labour’s 2024 election pledge, a source says the Prime Minister could trigger a snap election within six months to secure a fresh mandate.

The Labour source told the Daily Mail: “They are having a meltdown in there [the Treasury]. The numbers are getting worse by the day. The markets like to see a ‘2’ in front of the headroom figure, and that seems a long way off. And the easiest way to sort it is off the table.”

The source added: “Rachel [Reeves, Mr Healey’s predecessor] wanted to raise income tax to calm the markets, but it was deemed to be politically impossible.”

Calling a snap election would allow the PM to cash in on a slight boost in the polls, hit Reform UK while Nigel Farage battles party cash troubles and strike before the Tories finish rebuilding.

However, running a campaign on an explicit tax-hiking platform remains a massive gamble as soaring energy prices, sky-high oil and rising interest rates continue to squeeze family budgets.

Mr Burnham has previously rubbished claims of an early trip to the ballot box, insisting he will “work to the 2024 manifesto”.

It comes after a Labour MP warned the PM is starting to sound just like Keir Starmer as he hits the same economic brick wall.

Disillusioned backbenchers hoping for a total break from the miserable Starmer years are reportedly already being left gutted.

After watching Mr Burnham up close for almost two months, one unnamed politician told the Sun that the PM is even starting to “sound like Keir.”