Burnham's economic guru warns against tax rises and pension triple-lock cuts ahead of 'challenging' October budget

From the Newshound archive · first published 20 September 2026.

The former Goldman Sachs chief economist who informally advised Andy Burnham before he entered Downing Street, has publicly told Chancellor John Healey to rule out tax rises and scrap the state pension triple-lock. The former chief economist warned that further taxes on businesses and banks would undermine economic growth, and called capital gains tax rises "misunderstood" and potentially self-defeating. His intervention lands as Treasury officials are reportedly stress-testing £10-15bn of tax rises, with Burnham himself conceding the October budget will be "challenging".

The former chief economist told Bloomberg: 'The last thing that should be going on is more taxes on business' — urging Healey to hold fire six weeks out.

Labour sources are reportedly weighing an early general election to win a fresh mandate for income tax rises, which Burnham's 2024 manifesto ruled out.

A political commentator has warned Burnham has already squandered the 'Burnham bounce' — a five-to-six-point polling surge — by failing to call a snap election while he had the chance.