UK Prime Minister Andy Burnham said Britain is “overexposed” to global bond markets and defended his controversial remarks from last year that had unsettled investors. According to Sina Finance, Burnham said he still stands by his earlier view that Britain should not be “held hostage” by the bond market, adding that he meant the country had left itself in an overly exposed position.

Burnham said he was arguing for a “leaner, more productive government system.” Long-dated UK government bond yields are one of the key gauges of market concern about fiscal policy, and since Burnham became prime minister in July, long-dated UK bond yields have changed little overall.