UK—An Early Look at Andy Burnham’s Economic Policy Agenda

研报英文原文证据摘录

UK—An Early Look at Andy Burnham’s Economic Policy Agenda

Economics Research

3 July 2026 | 11:37AM BST

EUROPEAN ECONOMICS ANALYST

n Andy Burnham’s emerging economic agenda centres on devolution, greater James Moberly

+44(20)7774-9444 |

public control of utilities and investment, social housing, reindustrialisation and james.r.moberly@gs.com

Goldman Sachs International

opportunities for young people. He argues that these priorities would improve

Sven Jari Stehn

regional performance, ease infrastructure and housing constraints, boost +44(20)7774-8061 | jari.stehn@gs.com

participation and skills, and support economic growth across Britain while

maintaining fiscal discipline.

n Empirical studies suggest that further devolution is more likely to improve the

quality and responsiveness of public policy than to materially increase national

GDP growth. While evidence on the optimal ownership of utilities is mixed, public

transport and housing investment could support labour mobility and

productivity if well-targeted.

n Industrial policy could be effective if focused on high-value sectors where the UK

already has comparative advantages but attempts to reverse economy-wide

deindustrialisation would face global structural headwinds. A shortfall of workers

with higher technical qualifications points to upside from strengthening training

pathways, although the large number of graduates in key sectors indicates

trade-offs in how education and skills funding is allocated.

n Burnham pledged he would not take “risks with public finances” and would stick

to the current fiscal rules. At the same time, several of his policy priorities are

likely to require additional outlays, adding to significant existing spending

pressures.