Andy Burnham’s first Labour conference as prime minister
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What’s the mood at Labour Conference and why is Andy Burnham’s first speech important?
Good morning from the Financial Times. Today is Monday, September twenty-eighth, and this is your FT News briefing. Andy Burnham is trying to make his mark at Labour Party Conference. And European diplomats are confused about a new EU proposal to counter Russian hybrid warfare. Plus, investors are putting their money into Panama. I'm Josh Gabber Dwyel, and here's the news you need to start your day.
It's Labour Party Conference this week. The annual meeting kicked off yesterday, and it's Andy Burnham's first as Prime Minister. That makes it particularly important for a man who's promised some fairly ambitious changes to the UK economy. The FT's Lucy Fisher joins us now from Conference in Liverpool to discuss. Hi Lucy. Hi, Josh. Lucy, what's been the vibe at Labor Conference this year?
Well, let's just um take a moment to reflect for a minute. This year's conference comes twelve months after last year, when Andy Burnham attempted to get a coup underway against Keir Starmer.
How is Burnham reshaping housing policy with the new Help‑to‑Buy scheme?
That fizzled out. He failed to get MPs to line up behind him and instead had to sort of slink off with his tail between his legs. So it's striking what a difference twelve months makes that he is now here. All triumphant, having successfully forced Starmer out of Downing Street and replaced him. It's definitely fair to say that the mood among the party faithful, certainly among MPs and ministers, is a lot more buoyant than last year. There's a real feeling of hopefulness around Burnham, and there's a sense that the party wants to capitalize on that as they get together this year.
What about in terms of policy? What have we heard so far from conference?
Well, we've actually heard quite a lot. Andy Burnham has already announced a key rabbit out of the hat, as we call them, a positive policy uh announcement in terms of the resurrection of the help to buy policy. This is around helping young people get on the housing ladder with significant equity loans so that people can take out tiny two point five percent mortgages. He's also announced that. He's not going to pursue a massive overhaul of social care policy until after the next election. He's at the moment undertaking a review to look into how to reform the very troubled sector. And he has suggested on Sunday that he will enter the next election, hinting that he will ask the public to accept tax rises in order to fund a new national.
What social‑care reforms is Burnham proposing and when will they be implemented?
social care service based on a similar model to the National Health Service.
Okay, so some big announcements early on already. We also know that the Chancellor John Healy is expected to confirm some six billion pounds towards the UK's Navy. But of course, looming over all of this is the upcoming autumn budget. Healy's gonna be the one putting that budget together. What more can you tell us about what to expect from his big speech later today?
I think it will be a moment for him to try and repeat his insistence that he will show fiscal discipline in this budget. There's a sense that Andy Burnham has an instinct towards spending, so Healy will want to make clear that he will rein that in, that he won't reach for more borrowing, particularly at a time when even within the last month we've seen UK guilt yields sort of their high. Highest point in almost 20 years. Tax rises again, you know, we've already had two years of budgets that have raised more than 60 billion in additional revenues since Labour came to power. So I think he'll be wanting to signal he's not going to be pulling massive levers to raise additional tax, although it is possible that we will see some taxes rise.
And also on spending cuts, he may give some kind of signal that on the other side of the ledger that he is willing to take some difficult choices. So it's a little bit of a tightrope that he's got to walk this week.
Right, and generally speaking, what do you think it is that senior Labour Party figures want to see this week?
How will Chancellor John Healy’s autumn budget address fiscal discipline and defence spending?
I think they would be happy if they feel they've given a sense of a party that's united, that is confident, and that has a plan for the future.
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Chapters
8 chapters
1
What’s the mood at Labour Conference and why is Andy Burnham’s first speech important?
0:02–1:12
2
How is Burnham reshaping housing policy with the new Help‑to‑Buy scheme?
1:12–2:44
3
What social‑care reforms is Burnham proposing and when will they be implemented?
2:44–4:17
4
How will Chancellor John Healy’s autumn budget address fiscal discipline and defence spending?
4:17–5:46
5
What is the EU’s Article IV protocol and how might it change the NATO‑EU response to Russian hybrid attacks?
5:46–7:07
6
Why are investors buying Panamanian bonds despite political unrest and US threats?
7:07–8:50
7
How is Panama trying to revive its economy and what challenges remain for the copper mine and canal expansion?
8:50–10:26
8
What are the key takeaways from today’s FT News Briefing and where can listeners find more detail?
10:26–11:50