Andy Burnham’s plan for the UK economy has been slammed as having “plenty of style but no substance” following his speech outlining devolution plans earlier today.
The former Greater Manchester Mayor outlined his plan for the Labour Government, with Mr Burnham being the likely successor to Prime Minister Keir Starmer.
While his address in Manchester outlined his broad vision for Government, the likely next Number 10 Downing Street resident has come under fire for the lack of specific detail on his fiscal policy.
Olly Cheng, a financial planning divisional lead at Rathbones, one of the UK’s leading wealth and asset management groups, said the speech delivered on rhetoric but left the substance for another day.
Analysts have questions about Mr Burnham’s economic vision
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He said: “There’s no shortage of ambition in Andy Burnham’s pitch, but markets will be scrutinising his plans for clues on how they could work in practice, and what they might mean for UK PLC.
“There’s no shortage of ambition in Andy Burnham’s pitch, but markets will be scrutinising his plans for clues on how they could work in practice, and what they might mean for UK PLC.”
While primarily focusing on devolution and giving greater powers to mayoral authorities, Mr Burnham’s speech spanned a wide policy canvas.
Mr Cheng noted: The agenda was broad, spanning decentralisation, business rates relief and council house building, while notably reaffirming a commitment to existing fiscal rules, a signal likely aimed at reassuring markets wary of upward pressure on borrowing costs.”
Andy Burnham set out his 10-year plan for Britain in a lengthy speech in Manchester | GB NEWS
Andy Burnham is plotting his path to No10 | GETTY
Analysts note that, with borrowing costs a persistent concern, a commitment to existing fiscal rules reads as an attempt to steady nerves and head off any suggestion that a change of leadership might loosen the public purse strings.
Mr Cheng added: “The backdrop remains challenging: public finances are tight, headroom for additional spending is limited, and difficult trade-offs on welfare and defence remain unresolved.
“That leaves a critical gap. The key question is not just what changes are being proposed, but how they will be paid for. For many of our clients, the central concern remains what the new government could mean for taxes.”
The financial expert cited that Mr Burnham’s choice for Chancellor will largely determine the confidence markets, investors, and the general public have in him.
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He shared: “Until there is greater clarity, speculation is inevitable — but reacting to incomplete details risks misjudging the direction of travel. The numbers behind the narrative will ultimately matter most.”
Earlier today, Mr Burnham stated his Government would “ensure that all parts of the UK can take greater public control of essential services”.
On housing, he said thew new Number 10 North would “oversee the biggest council house building programme since the post-war”, using vacant public land to reduce costs.
Mr Burnham also announced Labour would focus on higher density development in existing towns, to both reinvigorate high streets and protect green spaces from development.