Burnham's own economic adviser slams 'growth in every postcode' pledge as 'weird' and likely to waste taxpayers' money

From the Newshound archive · first published 22 September 2026 · last updated 23 September 2026.

Lord Jim O'Neill, one of Andy Burnham's most valued economic advisers who turned down an official government role, has publicly savaged the PM's signature 'growth in every postcode' mantra as unrealistic and almost certain to squander public funds. The former Goldman Sachs economist told the Centre for Cities think-tank he is 'not a huge fan' of the slogan and warned it implies direct government intervention in every area — a strategy he called a near-guaranteed recipe for waste. O'Neill urged Burnham to focus instead on cutting gilt yields by 150 basis points, which he argued would bring down mortgage costs nationwide. He also complained that Burnham's habit of blaming Thatcherism for Britain's economic woes was 'the last thing' markets wanted to hear.

O'Neill was publicly tipped as a top Burnham adviser but declined an official government post.

Gilt yields have surged from around 4.65% in April to over 5.2% this month, raising fears of tax rises in the October Budget.

The PM's growth white paper and Budget are expected to flesh out what 'growth in every postcode' actually means in practice.