Andy Burnham forms new cabinet after becoming UK PM
His team underscores an agenda to revive UK economic growth, while markets remain cautious.
Andy Burnham took office as Britain’s new prime minister on Monday, July 20, and then formed a cabinet that reflects his government’s focus on reviving economic growth. The Business Times reported that the sweeping reshuffle marked a new direction in the country’s financial policy, even as market participants remained unconvinced. Burnham faces a weak UK economy: by the end of 2023, real GDP per capita stood about 28 percent below the postwar growth trend from 1955 to 2008. His choice of advisers and ministers in the new cabinet is seen as an effort to reverse that condition.