‘Pro-business’ Burnham eyes Reynolds return to top business job Business Andy Burnham is planning to bring Jonathan Reynolds back as business secretary as the incoming prime minister moves to deliver on his pledge to lead a “pro-business” government. Reynolds, who served as business secretary until last September before becoming chief whip, is expected to return to the department when Burnham unveils his cabinet this week, [...]
Thames Water creditors expect Burnham talks despite legal contigency plans Politics The creditors bidding to rescue Thames Water remain confident they will be able to present a revised takeover proposal to Andy Burnham’s government, despite preparing for the possibility ministers reject the deal, a source told City AM. People close to the London & Valley Water (L&VW) consortium said they expected to engage with the new [...]
Octopus tells Burnham to ‘cut bills’ with £189 energy plan Politics Octopus Energy has urged incoming prime minister Andy Burnham to overhaul Britain’s electricity market, saying the changes could cut the average household bill by up to £189 a year. The supplier said reforming wholesale electricity pricing would save households around £114 a year, and also called for energy levies to be moved from electricity bills [...]
Burnham: I’ll be a pro-business Prime Minister July 17, 2026 Andy Burnham has vowed to be a pro-business Prime Minister who will reindustrialise Britain and support the country’s small businesses. Speaking after he was crowned Labour leader on Friday, the former Manchester mayor railed against “four decades of neoliberalism” which he said had seen political power concentrated in Westminster while “economic power was privatised”. In [...]
Burnham to approve North Sea oil and gas drilling in policy blitz July 17, 2026 Incoming prime minister Andy Burnham is set to announce new drilling for oil and gas in the North Sea within days of taking office as part of a policy blitz, according to reports. Burnham’s team has asked the civil service to draw up plans to approve drilling projects at the Jackdaw gas field and Rosebank [...]
Mahmood called for banker bonus tax to fix youth unemployment July 17, 2026 Shabana Mahmood has previously called for a tax on banker bonuses to fix youth unemployment in a move that will renew fears the sector could be targeted for a cash grab. The front-runner to be Andy Burnham’s Chancellor was a staunch supporter of a bill set out by Labour in opposition that sought to levy [...]
As it happened: Stocks rise despite IEA warning of ‘critical’ oil issue July 17, 2026 Welcome back to the City AM liveblog. Oil is on track to gain around 12 per cent for the week after the continued escalation of strikes between the US and Iran. Brent crude – the international benchmark for oil – is holding steady around the $85 per barrel mark after US’ multiple strike offensives against [...]
City sizes up mystery Mahmood July 17, 2026 Executives and business groups have begun sizing up Shabana Mahmood and her past policy positions as they search for ways to engage the woman tipped to become Andy Burnham’s Chancellor next week. The emergence of Mahmood, who hails from the right of the party and cracked down on immigration in her role as home secretary, [...]
Burnham set for crunch decision on JP Morgan’s £10bn tower July 16, 2026 Andy Burnham’s government will face a crunch decision on the future of JP Morgan’s flagship tower in Canary Wharf as it weighs whether to uphold a major tax break for the project despite opposition from industry groups. The next Chancellor will serve as the final arbiter on the framework of a business rates exemption for [...]
CFIT CEO: There’s still not enough diversity in the City July 16, 2026 Anna Wallace, CEO of the Centre for Finance, Innovation and Technology, gives us her views on the City in Square Mile and Me.