The Newshound

Burnham's economic guru warns Labour must rule out tax rises and scrap triple lock BEFORE October budget

From the Newshound archive · first published 20 September 2026.

Jim O'Neill, the ex-Goldman Sachs economist who informally advised Andy Burnham, has urged Chancellor John Healey to abandon the state pension triple lock, warning it sits at the top of things "simply not affordable.
Jim O'Neill, the ex-Goldman Sachs economist who informally advised Andy Burnham, has urged Chancellor John Healey to abandon the state pension triple lock, warning it sits at the top of things "simply not affordable.

Jim O'Neill, who informally advised Andy Burnham ahead of his entry into Downing Street and formerly served as chief economist at Goldman Sachs, has publicly told Chancellor John Healey to rule out further tax rises and abandon the state pension triple lock. O'Neill warned that hiking taxes on banks and businesses would choke economic growth, and said scrapping the triple lock sits 'right at the top of things that are just simply not affordable'. The intervention lands as Burnham acknowledges the October budget will be 'challenging' and the Treasury is reportedly stress-testing a £10-15bn package of tax rises.

O'Neill warned that raising capital gains tax is 'very misunderstood' and would likely deter investment without raising significant revenue.

Labour's fiscal headroom has reportedly collapsed from £23bn to just £5bn, driven by soaring borrowing costs and the Iran conflict.

A commentator reportedly told GB News Burnham has already 'dithered' away the 'Burnham bounce' and 'missed his chance' to call an early election while polling was favourable.

MoreThe TimesReeves saw the EU as the answer. Is Andy Burnham still interested?The ScotsmanWhy Andy Burnham's desire to be more than 'first among equals' could be his biggest blunderYahoo News UKAndy Burnham interview with ChronicleLiveGB NewsAndy Burnham told he's ‘missed his chance’ to call early General Election as tax hike fears set inGB NewsAndy Burnham's economic guru instructs Labour to rule out tax rises at Budget and scrap triple-lockGB NewsAndy Burnham must offer Britain more than Starmerism with better PR, writes Paul EmberyDaily Mail NewsAndy Burnham is 'plotting an early election' in desperate bid to get mandate for income tax hike
Read today's full feed at The Newshound →