What property tax and financial reforms might Andy Burnham make?

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The newly elected MP for Makerfield "could be in Downing Street within weeks", according to speculation, and is so far the only declared Labour leadership candidate - having been backed by potential contender Wes Streeting.

Mr Burnham's return to the Commons has made him eligible to stand for party leadership to replace Sir Keir Starmer, who announced on Monday that he would resign.

If Mr Burnham is joined in a leadership contest by another MP who has secured the support of at least 80 others, he will be forced into a full election and will take office in September if he wins.

There is a consensus that he is the most likely person to become the next prime minister, and markets are now responding to speculation that he will take over.

Here is what we know so far.

Read also: 'Say cheese!' Andy Burnham takes a 'Selfie' with Labour MP's after returning to Parliament

What property tax might Andy Burnham bring in?

While Mr Burnham has not yet announced the extent of his policies, he is said to be in favour of stamp duty and council tax reform - changing the current system to the Fairer Share model, where tax is paid at 0.48% of a home's value.

Fairer Share would also end the bedroom tax, which sees benefits reduced for any claimants who have an extra room.

Second home owners would be charged 0.96%, as would anyone who lives abroad.

Proponents have argued that the 1991 rates, by which council tax is currently valued at, have not kept pace with changing markets, giving a poorer deal to anyone outside of London.

Under Fairer Share, 75% of households would save money, but many in London might end up paying more.

Robert Gardner, of Nationwide, said: “While a land value or property tax is a compelling option in principle, it could pose significant implementation challenges, including how land and properties are valued and revalued, and how to ensure fair treatment of those who are asset-rich but cash-poor.”

What other economic proposals might Andy Burnham introduce?

Mr Burnham has stated that he would stick to the fiscal rules set by Chancellor Rachel Reeves and has agreed that the UK needs a plan to reduce its debts, but wants to bring down water and energy bills and rail fares.

He has previously advocated for key utilities to come under greater public control, and the “re-industrialisation” across the north of England.

Ed Wood, financial planning director at Rathbones, told LBC: "It’s probably worth coming back to the bond markets, the ones that Andy Burnham infamously did not want to be “in hock to”.

"Burnham has indicated he supports a Land Value Tax that could even replace Council Tax and Stamp Duty. While possible, this is not the type of major structural change that could be introduced in the short term.

"We can also expect to hear commentary about wealth taxes being introduced, and there may be further tax increases here."

He added: "Burnham has made many references to bringing some utilities, such as water, back under state control.

"Whether this would lead to any reduction in household costs remains to be seen, as nationalisation would not be free and energy costs are partly set by global markets."

One of the biggest concerns for the financial markets will be who will take up the role of chancellor under a new Cabinet and Bethany Dawson, LBC's political correspondent, said there might be too many questions to answer at this stage.

"Who will be his Chancellor? Over the weekend, we heard that it could be Home Secretary Shabana Mahmood, Energy Secretary Ed Miliband or former Health Secretary Wes Streeting — three very different politicians.

"This is just a snippet of the questions already lining his in-tray.

"But standing in Westminster on the day he was sworn in, there was a feeling that — even though these huge questions have yet to be answered — his place in Number 10 is a done deal."