Business leaders are cautiously optimistic about Andy Burnham's leadership of the UK, hoping that he will bring a much-needed boost to the country's struggling economy. Gregor Paterson, a fund manager at Amati Global Investors, notes that Burnham has a strong team of advisers and a track record of experience, which could help to drive economic growth.
Paterson highlights the need for a clear and ambitious growth strategy, which would provide businesses with the confidence to invest and expand. He also stresses the importance of speed and clarity in policy direction, which was lacking under the previous government.
Anna Leach, chief economist at the Institute of Directors, agrees that a better industrial strategy and more infrastructure investment are essential for boosting growth. She welcomes Burnham's plans for a more balanced economy and his commitment to devolution, but warns that execution will be key.
Leach also highlights the need for a clear long-term framework that gives companies the confidence to commit capital and hire staff. Planning reform and infrastructure investment should form the central pillars of a growth strategy, she argues.
With the UK's £3 trillion debt burden, tax policies will play a key role in determining the country's economic future. Business leaders are calling for stability and certainty, rather than further reform, particularly around the non-domicile regime. Darius McDermott, managing director of Chelsea Financial Services, warns that overtaxing the wealthy could lead to a brain drain, shrinking future tax revenues.