The Treasury will check Andy Burnham’s ambitions – unless old orthodoxies are challenged | Larry Elliott

Fifty years ago, another Healey ran the Treasury. Today’s chancellor may find some things haven’t changed Some things never change. Fifty years ago, Britain was sweltering in the long hot summer of 1976 . The Labour government was acutely aware that the financial markets were scrutinising its every move. And a man called Healey was running the Treasury. On the surface, the challenges facing John Healey are less severe than those Denis Healey had to grapple with half a century ago. Inflation is a lot lower and the City has reacted calmly to Andy Burnham as prime minister. And, while things coul