Prime Minister Andy Burnham is today meeting with leading British business chiefs, including representatives from Aviva, Rolls Royce, and Revolut UK, to advocate for a "culture shift" in how Britain conducts business. The Prime Minister is set to present the government as a partner for growth during a reception at Downing Street.
Mr Burnham is expected to inform his guests that the government's devolution plans are designed to facilitate faster infrastructure development, attract increased investment, and generate more opportunities across communities in Britain.
Ahead of the event, Prime Minister Andy Burnham stated: "If we’re going to unlock this country’s full potential, we need a culture shift in how Britain does business." He added that this involves the government supporting those who take risks, start companies, create jobs, and introduce new ideas, ensuring ambition is rewarded and making it easier to establish and expand businesses.
The meeting occurs as various industries press the government for tax reductions and measures to ease business costs, with Chancellor John Healey currently preparing the Autumn Budget, scheduled for 28 October. Economists have forecast that the £22bn in fiscal headroom from the 2025 Budget could be halved following a recent bond sell-off.
Analysts have cautioned that Mr Healey has limited scope for further borrowing and may need to increase taxes to adhere to fiscal rules, which mandate that day-to-day spending matches receipts by 2030. Rumoured revenue-raising measures include taxes on banks, a hike to capital gains, and a new exit tax.
Before the main reception, Mr Burnham will also host a roundtable with entrepreneurs from companies such as Octopus Energy, Oxford Quantum Circuits, and Oaknorth.