Key facts
- Prime Minister Andy Burnham vowed to "build a new economy" in his first speech.
- Burnham promised to increase public control over essential services and revive industrial heartlands.
- He committed to defense pledges and reducing the welfare bill.
- The British Chambers of Commerce proposed to act as a 'delivery partner' for Burnham's economic plans.
- The UK's borrowing costs remained elevated amid inflation fears from oil price shocks.
Andy Burnham delivered his first speech as Prime Minister, vowing to "build a new economy" and implement significant changes to the country's political and economic models. Speaking from Downing Street, Burnham promised to put essential services "back under stronger public control" and revive Britain's industrial heartlands, while also committing to defense pledges and reducing the welfare bill. His remarks followed the resignation of Keir Starmer and came amid elevated UK borrowing costs, fueled by fears of inflation stemming from oil price shocks and disruptions in the Strait of Hormuz. The British Chambers of Commerce has proposed to serve as a 'delivery partner' for Burnham's economic agenda, leveraging its network of 50,000 businesses to implement growth-focused projects.