Britain’s prime minister, Andy Burnham, said the UK needed a culture shift in how it does business in order to unlock its full potential. Photograph: Toby Shepheard\/ReutersView image in fullscreenBritain’s prime minister, Andy Burnham, said the UK needed a culture shift in how it does business in order to unlock its full potential. Photograph: Toby Shepheard\/ReutersAndy Burnham to host entrepreneurs and local mayors at No 10 on MondayPrime minister vows to \u2018reindustrialise Britain\u2019 through new partnership with business The prime minister is to host business leaders, entrepreneurs and local mayors at Downing Street on Monday to pitch his government as a \u201cpartner for growth\u201d that can offer a stable platform for investment and jobs in the UK.Ahead of the event, Andy Burnham said the country had \u201ceverything it needs to succeed\u201d, including talented people and world-class universities, but requires \u201ca culture shift in how Britain does business\u201d if it is to unlock its full potential.The new prime minister vowed to \u201creindustrialise Britain\u201d through a new partnership with business. \u201cThat means putting government firmly on the side of the people who take risks, start companies, create jobs and bring new ideas to life,\u201d he said.\u201cIt means ensuring ambition is rewarded, making it easier to start and grow a business and giving people the confidence that if they have a great idea, they\u2019ll get all the support they need to bring it to life.\u201dBurnham urged to tackle inequality with policies including wealth taxRead moreBurnham will host a roundtable with entrepreneurs \u2013 including the founders of Octopus Energy, Revolut and Starling Bank and quantum computing companies including Oxford Quantum Circuits \u2013 before welcoming chief executives from some of Britain\u2019s largest businesses for a reception in No 10 along with regional mayors.They include the bosses of financial companies HSBC, Aviva and Standard Chartered, supermarkets Morrisons and Sainsbury\u2019s, telecoms groups BT and Vodafone, oil companies BP and Shell and manufacturers Rolls-Royce and BAE Systems.Monday\u2019s round of meetings come as Burnham and John Healey, the chancellor, prepare for their first budget on 28 October.Burnham has vowed to deliver growth across the country and to devolve power and resources away from Westminster to do so. But Healey faces a tough task, presenting his budget amid rising borrowing costs and the impact of the Iran war on the global economy.Although the economy unexpectedly grew by 0.4% in July, boosted by AI and cloud computing, economists have warned rising energy costs may have held back growth in August and September.Chancellor to argue UK economy can \u2018turn corner\u2019 despite bond market turmoilRead moreSuren Thiru, chief economist for the Institute of Chartered Accountants England and Wales, said the chancellor could be left with a \u201cbudget headache\u201d if economic growth starts to dwindle, as more muted growth and surging borrowing costs erode his fiscal headroom, raising the prospect of further tax rises.Both Burnham and Healey have stressed their commitment to the fiscal rules laid down by former chancellor Rachel Reeves, which require day-to-day spending to be covered by taxes and government debt to fall as a share of the economy by 2029\/30.<\/p>\n
They are also bound by Labour\u2019s manifesto commitment not to raise income tax, national insurance or VAT.In his first major speech as chancellor last week, Healey said boosting economic growth would be his defining mission as chancellor but also warned Labour had to \u201cbe honest\u201d about the need to control public spending at next month\u2019s budget.He talked of putting more power and resources into the hands of local leaders, reducing the cost of doing business and using public investment to attract private capital.Explore more on these topicsEconomic policyAndy BurnhamEconomic growth (GDP)BudgetBudget 2026EconomicsIndustrial policynewsShareReuse this content<\/p>\n","protected":false},"excerpt":{"rendered":"
Britain’s prime minister, Andy Burnham, said the UK needed a culture shift in how it does business in order to unlock its full potential. Photograph: Toby Shepheard\/ReutersView image in fullscreenBritain’s prime minister, Andy Burnham, said\u2026<\/p>\n","protected":false},"author":1,"featured_media":17581,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-17580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"_links":{"self":[{"href":"https:\/\/demo.tcjhomeaccents.com\/wp\/wp-json\/wp\/v2\/posts\/17580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/demo.tcjhomeaccents.com\/wp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/demo.tcjhomeaccents.com\/wp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/demo.tcjhomeaccents.com\/wp\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/demo.tcjhomeaccents.com\/wp\/wp-json\/wp\/v2\/comments?post=17580"}],"version-history":[{"count":0,"href":"https:\/\/demo.tcjhomeaccents.com\/wp\/wp-json\/wp\/v2\/posts\/17580\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/demo.tcjhomeaccents.com\/wp\/wp-json\/wp\/v2\/media\/17581"}],"wp:attachment":[{"href":"https:\/\/demo.tcjhomeaccents.com\/wp\/wp-json\/wp\/v2\/media?parent=17580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/demo.tcjhomeaccents.com\/wp\/wp-json\/wp\/v2\/categories?post=17580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/demo.tcjhomeaccents.com\/wp\/wp-json\/wp\/v2\/tags?post=17580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}