Andy Burnham becomes the UK’s new prime minister on Monday, and fixing Britain’s economy will be at the top of his agenda.
Sluggish growth, high public debt, and elevated government borrowing costs are among his challenges.
In his first speech as Labour Party leader on Friday, Burnham declared: “I have a plan,” while offering few specifics as he pledged to reverse what he described as “four decades of neoliberalism.”
Burnham has previously signaled support for greater state involvement in housing, transportation, and public services, though Britain’s tight financial constraints will likely limit his room for maneuver.
For markets, the key question is whether Burnham can deliver faster growth and buoy investor confidence in the new government.