‘Good growth in every postcode’: Burnham’s economic to-do list in seven charts
Summary
Andy Burnham has become the prime minister of Britain during a time of global economic challenges and slow growth in living standards. He plans to boost the economy by focusing on local communities, supporting manufacturing, and giving more power to regional leaders, while also addressing the cost of living crisis.Key Facts
- Burnham aims to create “good growth in every postcode” by shifting power from central government to local communities.
- He plans to strengthen the UK's industrial base by supporting key manufacturing sectors like steel, defense, energy, food, and farming.
- The UK’s manufacturing sector has shrunk from about 30% of the economy in 1979 to about 10% today.
- Burnham’s economic approach is influenced by Manchester’s recent growth, which is based on private investment in knowledge-based services, not manufacturing.
- Britain has one of the most centralized tax and spending systems among wealthy countries, and Burnham wants to devolve more powers and tax control to regions.
- Experts say that devolving power can help improve economic performance in poorer regions but needs good planning and funding.
- Burnham promises financial support soon to help families struggling with high living costs caused by rising energy prices and inflation.
- Inflation in the UK has stayed above the Bank of England’s 2% target for five years, hurting household incomes.
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