Speaking in Manchester on 29 June, Burnham set out a ten-year plan to shift powers away from Whitehall and raise living standards across the UK, while keeping public finances on a stable footing.
He pledged to adhere to Chancellor Rachel Reeves’ borrowing rules to help maintain market stability, after earlier comments that the government should not be “in hoc” to bond markets.
The Makerfield MP also proposed a “No 10 North” in Manchester to help redistribute power and resources across the UK, alongside pledges to tackle the welfare bill and reduce regional inequalities.
Alex Everett, investment director for rates management at Aberdeen, welcomed the speech despite a lack of detail, noting that commitments on welfare spending signal a willingness to take difficult fiscal decisions.
UK welfare spending stood at nearly £315bn in 2024–25 (10.7% of GDP) and is projected to exceed £408bn by 2030–31, according to the Department for Work and Pensions.