Burnham adviser calls for billions of pounds in borrowing for infrastructure
Summary
Andy Burnham’s chief economic adviser candidate, Jim O’Neill, has called for the UK government to borrow billions more to invest in infrastructure projects. He suggests creating an independent body to oversee this spending, which he believes would follow fiscal rules while increasing infrastructure investment.Key Facts
- Jim O’Neill, an economist and former minister, supports more government borrowing to fund infrastructure.
- O’Neill proposes an independent body like the Office for Budget Responsibility to manage infrastructure spending.
- The extra borrowing aims to boost major infrastructure projects while following current fiscal rules.
- Andy Burnham is expected to become prime minister and is seen as proposing more left-leaning economic policies than Keir Starmer.
- Burnham plans to give a speech outlining his policy ideas, including devolution and economic plans.
- O’Neill has led the Northern Powerhouse Partnership, supporting northern England transport projects like a new Manchester Piccadilly underground station.
- The proposal involves increasing borrowing while balancing it against assets to ease investor concerns.
- O’Neill suggests turning the Treasury’s Nista agency into an independent transparent organization to show how projects will boost economic growth.
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