Andy Burnham’s appointment as the new UK Prime Minister could signal positive change for the country’s regional cities.
Although markets typically wait for greater policy certainty following a change in government, the commitment to further devolution is one area where the direction of travel is already becoming clear.
Having spent almost a decade as Mayor of Greater Manchester, Burnham has consistently championed increased investment in the UK’s regional economies, arguing that cities such as Manchester and Birmingham should be given more powers to drive local growth. His vision has centred on infrastructure, transport, housing delivery and attracting business investment beyond London.
Burnham’s exceptional track record as Mayor of Greater Manchester over the past 9 years is also the driving force behind why 349 MPs backed him as future leader of the United Kingdom. His tenure as mayor is widely defined by his creation of the Bee Network (Greater Manchester’s integrated public transport system) and delivery of major cultural projects (such as Aviva Studios and The Town of Culture scheme).
During this time, Burnham oversaw the city’s growth plan, with the region experiencing annual, sustained growth of around 3.1% over his tenure. This performance outpaced the wider UK average and pushed the region’s economy to a value of over £100 billion (GVA).
What could this mean for his future as Prime Minister?
Burnham has stated his commitment to continuing to pursue long-term economic growth through the devolution of power to regional cities, including the introduction of the idea of the ‘No. 10 of the North’ – a proposal by Burnham to move part of the British Prime Minister’s Office (No. 10 Downing Street) from London to Manchester.
This path to devolution allowed Manchester to flourish over the past decade, whilst maintaining fiscal discipline – a message intended to reassure both businesses and investors during the transition.
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