Andy Burnham is now nearly three weeks into his job as Prime Minister, but what do economists make of what he’s done so far?
With inflation still above the 2 per cent target level – and due to go higher this autumn – and the Bank of England (BoE) keeping interest rates at the same level yet again last month, many will be wondering when they may start to see financial improvements to their lives.
Below, we collate the thoughts of three economic experts, each of whom assesses what Burnham has done so far, and what it means for the economy and the pound in people’s pockets.
Thomas Pugh – chief economist at audit, tax and consulting firm RSM UK
Burnham inherits an economy where living standards have barely moved in almost two decades. Real wages are just 4.1 per cent above where they were at the start of 2008. Against that backdrop, his promise to “give people some breathing space now” works politically and is a deliberate contrast with Sir Keir Starmer’s early focus on fiscal restraint.
