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GBP largely unchanged after Andy Burnham outlines pro-business Labour plan

GBP/USD was around 1.3430 at the time of press, up 0.35% on the day, after Burnham linked inflation control to more public control of essential goods costs.

Reported · Written up by our desk · Major Pairs

UK Labour leader Andy Burnham said he intends to lead a more pro-business Labour Party, arguing his experience working with businesses as Mayor of Greater Manchester should guide his approach as future government leader, according to Reuters.

In his first remarks as party leader, Burnham called for keeping Labour united and said he would not suspend or punish members for holding views different from his own. He also said he has not decided on his cabinet composition yet, and that it would reflect all parts of Labour.

On economic policy, Burnham argued that insufficient public control over the cost of essential goods makes it harder to control inflation. The remarks also pointed to a strategy combining a pro-business approach with greater public intervention in sectors viewed as strategic.

FXStreet noted that the British pound was largely unmoved by the comments, with GBP/USD trading around 1.3430 at the time of press, up 0.35% on the day.

Latest closeGBP/USD 1.348 ▼0.5%

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