Conversations with economists and people close to Andy Burnham reveal how he might address longstanding economic challenges. As Burnham prepares to become Britain’s prime minister on Monday, he aspires to replicate the growth seen in Manchester, where he served as mayor, across the nation.
Recent prime ministers have all promised economic revival, but growth has remained out of reach. Burnham arrives with his own pledge: “Good growth in every British postcode.” His plan involves transferring power to local officials, allowing them to make their own economic decisions. He describes this as potentially the most significant change in governance within our lifetimes.
Though Burnham has not yet fully detailed his economic agenda, his priorities are beginning to emerge. Speeches and advice from his advisers offer hints of his approach. The New York Times consulted with five economists and policy experts involved in shaping Burnham’s vision, most of whom spoke under the condition of anonymity to discuss unfinalized policies.
Key elements of Burnham’s economic strategy include increased public control over utilities and services and addressing the high cost of living quickly. He will also face existing challenges such as high public debt, persistent inflation, and low productivity growth. Complications arise from the country’s decision to leave the European Union a decade ago, which continues to affect the economy negatively, alongside years of insufficient public investment. As a result, wary consumers are opting to save instead of spend.
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