Key facts
- Andy Burnham's administration has not yet appointed official economic advisers, despite initial reports.
- Prominent economists like Andy Haldane, Lord Jim O’Neill, and Richard Hughes, who were rumored to be advising, have not landed official roles.
- The absence of these figures has led to renewed investor nervousness about the government's economic direction.
- The investment minister brief, previously held by Lord Jason Stockwood, remains unfilled.
- Burnham has retained some key advisers from the previous administration, including Varun Chandra and Neil Amin-Smith.
Weeks after Andy Burnham's inauguration as Prime Minister, his administration is facing scrutiny over the lack of officially appointed economic advisers. Initially, reports suggested that prominent economists such as former Bank of England chief economist Andy Haldane, former Treasury minister Lord Jim O’Neill, and ex-Office for Budget Responsibility chair Richard Hughes were set to guide Burnham's economic policy. This news had helped to calm financial markets, which had been concerned about potential expansionary fiscal policies. However, City AM has learned that none of these high-profile figures have secured formal roles in the new government. Instead, the administration appears to be relying on a mix of generalist special advisers, MPs, and political veterans, leading to renewed nervousness among investors. Lord Jim O’Neill is reportedly still in discussions about a formal role. The status of other economic aides who advised the previous government, including Minouche Shafik and John Van Reenen, remains uncertain. Two economists on one-year terms, Anna Valero and David Sturrock, are scheduled to depart. Burnham has assembled a 'National Economic Council' composed of mayors and ministers, rather than economists or industry leaders. Meanwhile, the investment minister brief, previously held by Lord Jason Stockwood, is also vacant. Burnham has indicated his ambition to lead a 'cost of living government' and has retained some key advisers from the Starmer era, such as business adviser Varun Chandra and economic adviser Neil Amin-Smith. Emma Reynolds and James Murray have taken on new roles within the Treasury.