Sky News reports that Burnham has cancelled the major investment summit due to take place in the capital on 1st December. Not enough interest?
The summit, the last version of which Starmer claimed generated £63 billion in investment, usually hosts major business leaders. Sky says Burnham is minded to do it outside London in spring next year. Good luck getting the numbers – or maybe Andy’s planning a December election…
After a bruising Budget which Burnham himself says will be “challenging” the cancellation is another worrying sign for business confidence. ‘Good time’ PMs come at the worst times…
Andy Haldane, Burnham’s recent adviser on the economy who has not taken up a No10 job, told Andrew Marr on LBC:
“The market now suspects that this is a traditional tax-and-spend socialist government with better TikTok videos…
imposing windfall taxes on oil & gas or on banks or upping capital gains tax would […] repeat the mistake that Rachel made […] The Achilles heel, the fiscal Achilles heel of this government thus far has been its unwillingness and/or inability to cut public spending.”