Burnham Urges UK Business Culture Shift, Meets 9 Top CEOs as 10-Year Borrowing Costs Stay Elevated
Updated
Updated · bbc.co.uk · Sep 13
Burnham Urges UK Business Culture Shift, Meets 9 Top CEOs as 10-Year Borrowing Costs Stay Elevated
3 articles · Updated · bbc.co.uk · Sep 13
Summary
Downing Street said Andy Burnham will meet chief executives from BP, Shell, HSBC, Morrisons, Sainsbury's, BT, Vodafone and Rolls-Royce at Number 10 on Monday evening after a reception with local leaders.
Burnham said the UK needs a business "culture shift" in which government backs risk-takers and gives local leaders more power to work with companies, promising support to turn ideas into investment and jobs.
The push comes as Labour faces criticism that employer national insurance and minimum-wage changes have raised costs for businesses, with Conservatives saying higher taxes and red tape are hurting hiring and investment.
July growth got a surprise lift from AI investment, but high energy prices linked to the US-Israel war with Iran are expected to slow momentum and keep inflation pressure elevated.
Those pressures are colliding with already high UK debt costs: 10-year gilt yields remain above peers such as the US, France and Japan, limiting room for business support.