David McNamara: Andy Burnham faces daunting challenge to halt Britain's economic drift
Andy Burnham outside his house in Warrington, Cheshire. Mr Burnham is hotly tipped to be the next British prime minister. Picture: Peter Powell/PA
The removal of yet another British prime minister raises the risk of a further shift in economic policy. Nonetheless, bond markets remain becalmed for now, as investors await details on the political programme of the expected successor, Andy Burnham.
What little detail given by the prospective PM has majored on areas such as re-nationalising private utility companies, boosting public sector investment, and a further push towards devolution of powers to regional authorities. Mr Burnham’s record as mayor of Greater Manchester has also been marked by a consensual approach between public and private sectors, suggesting his premiership may not see too significant of a lurch to the left versus the current administration. He has also committed to operating within the bounds of the existing fiscal rules set down by current chancellor Rachel Reeves less than two years ago.
