Client Update - 11th September 2026

It is not just political headlines that matter, what we should always consider is the actual detail further down the page: does the policy agenda encourage growth, investment, and confidence?

That question is becoming increasingly relevant in the UK as Andy Burnham's national profile continues to rise. Having established himself as an effective communicator, generally pragmatic in approach, he has shown a willingness to adapt his views when circumstances change. Yet popularity is one thing; creating the conditions for long-term economic success is another.

A central theme of his political debate is how to ensure prosperity is shared more evenly across the country. Few would argue against that objective. Regional inequality remains a challenge, and there is broad support for creating more opportunities outside London and the South-East. The real test is how that ambition is delivered.

Successful regional regeneration has rarely been the result of government spending alone. Cities such as Manchester demonstrate what can happen when public investment, entrepreneurial ambition, and private capital work together. The most effective growth stories tend to be partnerships, not government projects.

That point feels particularly relevant today. The global economy is becoming more competitive, technology is transforming industries at pace, and countries are increasingly competing for skilled workers, entrepreneurs, and investment capital. In that environment, governments need to make themselves attractive destinations for both talent and business.

For markets, confidence is often driven less by tax rates and more by certainty and stable governments, something lacking for many years here in the UK. Businesses can adapt to policy changes, but they struggle when the direction of travel is unclear. Investment decisions are long term, and investors typically favour stable, predictable environments where they can plan with confidence.

As a result, we are looking for clear signals that economic growth remains a priority. Encouraging innovation, supporting entrepreneurs, and creating a competitive investment environment will all be important if the UK is to strengthen its position in an increasingly fast-moving global economy.

A strong, sensible, robust, and well thought through plan. Well, that’s the hope here in the UK. Over in the US, once again matters have once more descended into farce.

Donald Trump's proposal to provide a $5,000 payment to every adult American if the Republicans retain the Senate and the House of Representatives in Novembers mid-term elections may grab headlines, but can this really be happening in the modern world? But heh, its ok – the money has to be spent in the US. Well, that’s ok then?

The era of near-limitless government spending appears to be continuing in the US under Trump, just as bond markets are paying closer attention to public finances, and policymakers are finding that credibility matters more than ever. I wonder how Trump now sees his new US Federal Reserve (Fed) chairman Kevin Warsh as he prepares for a possible interest rate rise next week – exactly the opposite of what the President expects from his new hire.

For investors, it is normally seen as healthy to have a strong and decisive Fed, alongside a powerful economy. Such economies are built on productivity, innovation, and investment, not simply on government largesse. Countries that succeed in attracting businesses, encouraging entrepreneurship, and supporting wealth creation are likely to be the ones that achieve the strongest long-term growth.

The good news is that the UK has strong foundations, if used sensibly. It remains home to world-class universities, a highly regarded financial services sector, a thriving start-up ecosystem and a reputation for innovation that punches well above its weight.

The challenge for Burnham is to build on these strengths rather than undermine them. Policies that encourage investment, reward innovation, and provide certainty for businesses can coexist with ambitions to improve public services and spread opportunity more widely.

Ultimately, growth and fairness are not competing objectives. When approached sensibly, they reinforce one another.

For clients and investors, that should be an encouraging message. While political personalities will continue to dominate the headlines, the underlying economic fundamentals still offer reasons for optimism. If policymakers can combine ambition with pragmatism, Britain has every opportunity to remain an attractive destination for capital, enterprise, and long-term investment. Do have a good weekend.