Burnham to call for ‘culture shift’ as he meets top British business chiefs

Andy Burnham will advocate for a "culture shift" in British business practices during his meeting with prominent business leaders from companies such as Aviva, Rolls Royce, and Revolut UK on Monday. The Prime Minister is anticipated to position the government as a growth partner for executives at a reception at Downing Street. Burnham is anticipated to inform his guests that government plans for devolution will expedite infrastructure development, attract more investment, and generate more opportunities across Britain.

During a pre-event statement, Prime Minister Andy Burnham remarked, "If we are to unlock the full potential of this country, we need a cultural transformation in how Britain conducts business. That means firmly placing government on the side of risk-takers, entrepreneurs, job creators, and innovators. It means ensuring ambition is rewarded, making it simpler to establish and expand a business, and instilling confidence that those with groundbreaking ideas will receive the necessary support to bring them to fruition."

Industries are on high alert ahead of the Budget as scores of sectors urge the government to cut taxes and ease business costs while Chancellor John Healey prepares the Autumn Budget, set for delivery on October 28. Some economists have predicted that the £22 billion fiscal buffer left by former Chancellor Rachel Reeves in her 2025 Budget may be reduced by up to half following recent bond sell-offs that have caused gilt yields to surge.

Analysts have cautioned that Healey faces limited room for additional borrowing and may be compelled to raise taxes to adhere to fiscal rules, which stipulate that government spending must match revenue by 2030. Industry leaders launched their initiatives before the Budget by advocating for reduced costs to foster growth. Some revenue-raising measures, such as taxes on banks, a capital gains tax increase, and the introduction of a contentious exit tax, have been rumored.

Prior to the main event, Burnham will host a roundtable discussion with numerous leading entrepreneurs, including representatives from Octopus Energy, Oxford Quantum Circuits, and Oaknorth. Business founders have been among the most vocal critics of a new exit levy, which would be imposed on business owners who relocate abroad. Some executives had previously told City AM that speculation was already causing certain founders to consider moving to other countries.