Andy Burnham hosts business leaders and mayors at No 10 to pitch growth plan

Burnham and Healey have both stressed their commitment to the fiscal rules set by former chancellor Rachel Reeves, which require day-to-day spending to be covered by taxes and debt to fall as a share of the economy by 2029-30. Labour's manifesto also rules out increases to income tax, national insurance or VAT. Burnham has pledged to spread growth across the country and to shift power and resources away from Westminster.

Andy Burnham will bring leading entrepreneurs and local mayors into Downing Street on Monday, using the meeting to pitch his government as a stable partner for investment and jobs. The prime minister is expected to tell attendees that Britain has the talent and universities it needs, but that a change in business culture is required to unlock growth. The event begins with a roundtable of founders, including those behind Octopus Energy, Revolut and Starling Bank, as well as quantum computing firms such as Oxford Quantum Circuits.

Burnham will then host chief executives from some of the country's largest companies, according to The Guardian. Those executives include the bosses of HSBC, Aviva, Standard Chartered, Morrisons, Sainsbury's, BT, Vodafone, BP, Shell, Rolls-Royce and BAE Systems. Regional mayors will join the reception at No 10.

Ahead of the meetings, Burnham said he wanted to "reindustrialise Britain" through a new partnership with business. "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. The prime minister also said the country needed "a culture shift in how Britain does business" and promised that ambition would be rewarded, with fewer obstacles to starting and growing a company.

The gathering comes as Burnham and Chancellor John Healey prepare for their first budget on 28 October. Healey has said boosting economic growth is his defining mission, but warned that Labour must be honest about controlling public spending. The chancellor faces rising borrowing costs and the economic fallout from the Iran war.

Although the economy grew by 0.4% in July, helped by AI and cloud computing, economists have warned that higher energy prices may have slowed growth in August and September. Suren Thiru, chief economist for the Institute of Chartered Accountants in England and Wales, said Healey could face a "budget headache" if growth weakens, as muted expansion and surging borrowing costs would erode his fiscal headroom and raise the prospect of further tax rises.