Burnham's New Chancellor, US Vows Fresh Canada Levies, More
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The Bloomberg This Weekend Podcast.
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Andy Burnham's first major appointment as Britain's Prime Minister is already reshaping expectations for the economy. The surprise choice of Defence Secretary John Healey as Chancellor came after markets had closed and caught Westminster off guard. But a Bloomberg survey of market participants last week ranked Healey among the most investor-friendly candidates for the job. In his first comments since taking office, Healey was keen to reinforce those perceptions.
The Prime Minister and I have talked about how we will work in lockstep to meet the fiscal rules with a buffer against uncertainty and how we'll make life more affordable for working people right across the UK.
Last month, Healy described the Treasury, which he's now running, as a dead hand on dynamic government in an interview with the BBC. The appointment is also fuelling speculation that the administration will spend more on defence after Healy quit the previous Labour government over military funding. His ambition to increase defence spending would cost at least £10 billion a year. He has now to convince investors he can pay for Andy Burnham's growing list of expensive promises after he took over as Prime Minister.
We will make this moment a circuit breaker for Britain, bringing forward the biggest changes in the last 40 years. A new political model and a new economic model.
Andy Burnham speaking there as he appointed Ed Miliband as Foreign Secretary, retained Shabana Mahmood as Home Secretary, named Wes Streeting Defence Secretary and brought Angela Rayner back into government as Housing Secretary.
And this morning, Andy Burnham's new government said that it will remove VAT from household electricity bills in England, Wales and Scotland from October. The announcement comes after the new Prime Minister pledged yesterday that one of his first acts in office would be to give households breathing space from the cost of living crisis. The government says the measure will cut around £45 from the annual energy bill covered by the regulator's price cap, with Northern Ireland receiving comparable funding. The tax cut will be funded by scrapping a £1.8 billion digital ID programme.
The new Prime Minister has invited US President Donald Trump to Manchester during their first call as leaders. Trump posted online he had a very good conversation with Andy Burnham. Bloomberg's James Wilcock has more.
Britain cherishes its relationship with America, but President Trump is deeply unpopular in the UK. The new Prime Minister, Andy Burnham, has said he plans on being up front in his dealings with the famously mercurial president.
How did Andy Burnham’s surprise appointment of John Healey as Chancellor shock markets?
On their first phone call, the two leaders discussed North Sea oil, trade and demining the Strait of Hormuz. Plus, the former mayor of Manchester made a point of inviting Trump to come and see his city, which the US president has in the past called a town. In London, James Wilcock, Bloomberg Radio.
And in breaking news this hour, UK wage data for the three months to May is up by 3.4% compared to the previous year. The data from the Office for National Statistics matches the average economist estimate. It comes as the UK government announced a budget deficit of £16 billion in June. That puts the deficit for the past three months £3 billion larger than the OBR forecast.
The US president has vowed to impose a new 50% tariff on some Canadian goods in one of the most severe threats yet against America's second largest trading partner.
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