Andy Burnham has secured nominations from more than 320 Labour MPs — more than half of the parliamentary party — making him certain to become Prime Minister on Sunday 20 July. No rival candidate has entered the race. He will be the UK’s seventh Prime Minister in a decade.
Bloomberg reports this week that while his grip on Number 10 is firm, his plans remain unclear — even to close allies. The detail of his economic agenda will emerge rapidly once he takes office, with a Chancellor appointment, Cabinet formation and an early statement to Parliament all expected in the first week.
What to watch for: Burnham’s choice of Chancellor will be the clearest signal of economic direction. His economic advisers include former Bank of England Chief Economist Andy Haldane and former Goldman Sachs Chief Economist Lord Jim O’Neill — both respected market figures. A single ‘National Contributions’ levy to replace six existing taxes (including council tax and stamp duty) has been proposed by this group of economists, with an estimated yield of £75bn annually. Not yet policy — but worth watching closely.