Burnham says Brexit brought ‘decade of low growth’ in first Commons address as prime minister – as it happened
Source: Guardian Econ ↗
Prime Minister Rishi Burnham delivered his first Commons address as head of government, declaring that Brexit has ushered in “a decade of low growth” for the United Kingdom and outlining his assessment that he now has “a clear diagnosis of what has gone wrong” with the country’s economy and governance.
In the same speech, Burnham paid tribute to Labour leader Keir Starmer, acknowledging his role in the political landscape after Starmer’s predecessor stepped down from Parliament, and signalling a willingness to engage across party lines on the challenges identified.
The address concluded with Burnham promising concrete policy steps to reverse the stagnation he attributes to the post‑Brexit era, hinting at forthcoming legislative proposals aimed at revitalising growth, while also noting that the political fallout from the recent parliamentary resignation will shape the next phase of UK politics.
⚡ Effects Interpreter
🌍World Economylow impact
What this means for you
- ▶The world's biggest economies tend to watch each other's data closely.
- ▶The global growth story might get a slight rewrite after this.
🏙️Local Economymedium impact
What this means for you
- ▶The weekly shop is where these changes usually show up first.
- ▶Local firms typically watch national data before setting their own prices.
🏦Rates & Bankslow impact
What this means for you
- ▶Mortgage offers might firm up or soften as the picture becomes clearer.
- ▶Fixed and variable borrowers alike might want to keep half an eye on this.
❤️Healthlow impact
What this means for you
- ▶A story like this can linger in the back of people's minds for a while.
- ▶Neighbours and families could feel more anxious until the dust settles.
💷Wealthmedium impact
What this means for you
- ▶Investors usually reshuffle their holdings when stories like this break.
- ▶Steady hands usually come out ahead when news like this breaks.
🏠Housinglow impact
What this means for you
- ▶Rental yields in the area might shift only slightly, if at all, from this.
- ▶Estate agents often say the market takes weeks to catch up with news.
🌍 Effects for your country
The U.S.'s central bank rate currently stands at 3.75%, so a global rates move like this could feed through to local borrowing costs. The U.S.'s economy is growing at 2.3% with inflation at 3.2%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the U.S.'s own central bank rate closely. With the U.S.'s unemployment at 4.4%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone — the real impact in the U.S. depends more on local healthcare capacity than the figures above.
The UK's central bank rate currently stands at 3.75%, so a global rates move like this could feed through to local borrowing costs. The UK's economy is growing at 0.8% with inflation at 3.2%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the UK's own central bank rate closely. With the UK's unemployment at 5.6%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone — the real impact in the UK depends more on local healthcare capacity than the figures above.
France's central bank rate currently stands at 2%, so a global rates move like this could feed through to local borrowing costs. France's economy is growing at 0.9% with inflation at 1.8%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track France's own central bank rate closely. With France's unemployment at 7.9%, personal-finance effects like this land on a labour market that is already under strain. Health-system effects are harder to localise from economic indicators alone — the real impact in France depends more on local healthcare capacity than the figures above.
Romania's central bank rate currently stands at 6.5%, so a global rates move like this could feed through to local borrowing costs. Romania's economy is growing at 0.7% with inflation at 7.8%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track Romania's own central bank rate closely. With Romania's unemployment at 6%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone — the real impact in Romania depends more on local healthcare capacity than the figures above.
The UAE's central bank rate currently stands at 3.65%, so a global rates move like this could feed through to local borrowing costs. The UAE's economy is growing at 3.1% with inflation at 2.5%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the UAE's own central bank rate closely. Health-system effects are harder to localise from economic indicators alone — the real impact in the UAE depends more on local healthcare capacity than the figures above.