Burnham to pitch business partnership ahead of 28 October budget
The prime minister will bring entrepreneurs, major-company executives and regional mayors to Downing Street to promote growth and plans to “reindustrialise Britain”.
Prime Minister Andy Burnham is due to host business leaders, entrepreneurs and regional mayors at Downing Street on Monday, presenting the government as a “partner for growth” ahead of the 28 October budget.
Burnham is expected to hold a roundtable with entrepreneurs, including the founders of Octopus Energy, Revolut and Starling Bank, followed by a reception for chief executives and regional mayors. Reported attendees include executives from HSBC, Aviva, BT, Vodafone, BP, Shell, Rolls-Royce and BAE Systems.
The prime minister has said Britain needs a “culture shift in how Britain does business” and pledged to “reindustrialise Britain”. He said the government should make it easier to start and grow businesses while supporting investment, jobs and new ideas.
The gathering comes as Burnham and Chancellor John Healey prepare the government’s first budget on 28 October. Healey has identified economic growth as his defining mission and has discussed devolving power and resources to local leaders, reducing business costs and using public investment to attract private capital.
The economy reportedly grew by 0.4% in July, but economists have warned that higher energy and borrowing costs could weaken subsequent growth. Suren Thiru, chief economist at the Institute of Chartered Accountants in England and Wales, said weaker growth and rising borrowing costs could reduce the government’s fiscal headroom and create pressure for further tax rises.
The government has also reaffirmed its commitment to fiscal rules requiring day-to-day spending to be funded by tax revenue and government debt to fall as a share of the economy by 2029–30. No specific funding, legislation or measurable targets for the proposed business partnership have been provided.
