City of London Braces for Burnham Government’s Chancellor Pick

Macro

โดย Bloomberg·Read original

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The City of London is bracing for uncertainty as Andy Burnham is set to become prime minister and is expected to replace Chancellor Rachel Reeves. The annual Mansion House dinner on July 14 may occur just days before Reeves leaves office, prompting some City figures to call for a postponement. Burnham’s potential chancellor candidates include Ed Miliband, who causes anxiety among executives due to his past proposals to break up banks and increase bonus taxes, and more moderate options like Pat McFadden and Wes Streeting. Wealthy individuals and businesses anticipate higher taxes, with concerns about a possible increase in the bank levy and measures targeting the rich. Burnham is expected to stress fiscal prudence in an upcoming speech, while some urge him to boost pension investment in private markets and reassure international investors.