Prime minister Andy Burnham will host entrepreneurs, business leaders and local mayors at Downing Street on Monday as he seeks to present his government as a “partner for growth” ahead of next month’s Budget.
The meetings will bring together founders of fast-growing companies, executives from some of Britain’s largest businesses and regional leaders, as Burnham pledges to “reindustrialise Britain” through a closer partnership between government and the private sector.
Ahead of the event, Burnham said the UK had “everything it needs to succeed”, citing talented people and world-class universities, but argued that the country needed “a culture shift in how Britain does business” to unlock its full potential.
“That means putting government firmly on the side of the people who take risks, start companies, create jobs and bring new ideas to life,” he said.
“It means ensuring ambition is rewarded, making it easier to start and grow a business and giving people the confidence that if they have a great idea, they’ll get all the support they need to bring it to life.”
The prime minister is due to hold a roundtable with entrepreneurs including founders of Octopus Energy, Revolut and Starling Bank. Representatives from quantum computing companies, including Oxford Quantum Circuits, are also expected to attend.
Burnham will later welcome chief executives from major companies to a reception at No 10 alongside regional mayors. Businesses represented are expected to include financial groups HSBC, Aviva and Standard Chartered; supermarkets Morrisons and Sainsbury’s; telecoms firms BT and Vodafone; oil companies BP and Shell; and manufacturers Rolls-Royce and BAE Systems.
The gathering is intended to underline the government’s argument that growth depends on both national stability and stronger local economic leadership. Burnham has said he wants to deliver growth across the country and devolve power and resources away from Westminster as part of that effort.
The meetings come as Burnham and chancellor John Healey prepare for their first Budget, which is due on 28 October. The fiscal statement is expected to set out how the government intends to balance its growth agenda with pressure on the public finances.
Healey faces a difficult backdrop, with rising borrowing costs and the economic impact of the Iran war weighing on the outlook. Although the economy unexpectedly grew by 0.4% in July, helped by AI and cloud computing, economists have warned that higher energy costs may have restrained growth in August and September.
Suren Thiru, chief economist at the Institute of Chartered Accountants in England and Wales, said the chancellor could face a “budget headache” if growth weakens. He said more muted growth and surging borrowing costs could erode Healey’s fiscal headroom, increasing the prospect of further tax rises.
Burnham and Healey have both stressed that they remain committed to the fiscal rules set out by former chancellor Rachel Reeves. Those rules require day-to-day spending to be covered by taxes and government debt to fall as a share of the economy by 2029/30.
The government is also bound by Labour’s manifesto commitment not to raise income tax, national insurance or VAT, limiting the chancellor’s options as he prepares the Budget.
In his first major speech as chancellor last week, Healey said boosting economic growth would be his defining mission in the Treasury. However, he also warned that Labour had to “be honest” about the need to control public spending at next month’s Budget.
Healey used that speech to call for more power and resources to be placed in the hands of local leaders, a reduction in the cost of doing business and the use of public investment to attract private capital.
Monday’s Downing Street meetings are expected to form part of that wider message, with the government seeking to reassure investors and employers that it can provide a stable platform for long-term decisions on jobs, investment and innovation.
