Any clues about what an Andy Burnham government could mean for Rainmakers?
But another speech, by another Andy, was even more illuminating
Hello Rainmakers,
Andy Burnham’s opening salvo in the one man Labour leadership race offered a few clues as to where his radical devolution agenda might affect those of you who make a living from funding and advising businesses in our regions.
But another speech, by another Andy, was even more illuminating about the future Prime Minister might have up the sleeve of his unstructured stylish blazer.
Rainmakers subscribers get two unique pieces a week, but also full access to our back catalogue of investigations, scoops, and insights, including updates on wider trends, like this one, insights from The Secret Investor, interviews with entrepreneurs, and with leaders from other VC and PE investors like Endless, BGF and WestBridge.
Andy Burnham says he wants an industrial strategy in every region.
“This is the key to higher growth and I want more world-beating British manufacturers and service providers at the frontier of new technology and exporting to the world. I will back our scientists, technologists, entrepreneurs and creatives as I have done here and show how Britain will be the innovation nation of the next decade,” he said.
That was the bit that gave Michael Moore from UK Private Capital some cheer, with a bit of a wave from the seats at the back to remind the prospective prime minister he was available for a chat.
“We welcome Mr Burnham’s focus on public and private investment working hand in hand to make the UK an innovation nation. Private capital has a vital role to play in every nation and region of the UK, backing businesses, unlocking investment and helping local economies realise their full potential.
“By bringing decision-making closer to the communities it affects, and by strengthening partnerships between local leaders, businesses and private capital, investors such as our members can help more scale-up businesses and innovative spin-outs across the country grow and commercialise their ideas.
“Such focus on place-based collaboration and investment as a baseline for the UK economy presents a serious new opportunity for building a more dynamic and growing economy.”
To be fair, Moore has worked the region’s pretty hard, and has met Burnham a few times.
On support for the defence industry in particular Burnham said he wants to reshape procurement rules to benefit British businesses.
“For too long, UK public procurement policy has been based on chasing cut price deals around the world, rather than helping our own British-based suppliers become more stable and competitive.
“No more. From here on, every pound raised from taxpayers will work harder for them, and that approach will apply fully to the defence investment plan.
“And we will do that to make sure British-based companies are in a better position to win those contracts.
“In an increasingly uncertain world, we need to safeguard sovereign manufacturing and production capability across the country in critical sectors like steel, defence, energy, food and farming, rather than just being prepared to let it go, as we have sadly done in the past.
“In return, we will recycle maximum benefits for our communities and our residents, for instance by requiring a much greater supply of 45-day work placements and apprenticeships for young people.”
As political speeches go, it was rousing, and has to be seen in the context of the start of a process, not a fully formed agenda for government, or the future economic policy.
But if you want the strongest possible clue about his policy intentions, pay very close attention to what Andy Haldane has been saying, because it is he who has been working closely with Andy Burnham, not only on Good Growth Fund in Greater Manchester, but in easing the former Mayor into No. 10.
