Business
Burnham Right to Put Devolution Front and Centre, Says BusinessLDN
Andy Burnham’s pledge to deliver the biggest shift of power away from Whitehall in modern history has won early backing from London’s business community, with leaders arguing the capital is just as hobbled by centralised policymaking as the regions it is so often accused of overshadowing.
Responding to the Greater Manchester mayor’s speech, which set out a vision for a “No 10 in the North” and a sweeping transfer of decision-making to local leaders, John Dickie, chief executive of BusinessLDN, said the direction of travel was exactly what the economy needed.
“Andy Burnham is right to put greater devolution at the heart of his agenda,” Dickie said. “Giving regions the powers they need to attract investment, upskill communities and deliver infrastructure is key to getting the economy moving again.”
The intervention is notable because BusinessLDN, the business membership group formerly known as London First, represents firms in a city frequently cast as the chief beneficiary of Westminster largesse. Dickie was quick to challenge that framing, arguing that proximity to Whitehall has done the capital few favours.
“It’s good to hear him backing London as the world’s greatest capital and setting out plans to devolve further powers to the city,” he said. “Contrary to the perception, proximity to Whitehall has not automatically worked in the capital’s favour and London is just as constrained by one-size-fits-all policymaking as other parts of the country.”
The crux of the business lobby’s case is that London punches below its weight on the powers and purse strings available to comparable world cities. The mayor of London currently holds fewer powers than counterparts in New York and Paris, and less financial freedom than the mayors of Greater Manchester and the West Midlands.
The numbers behind that argument are stark. London and its boroughs retain only around 7 per cent of the taxes raised in the capital, against more than 50 per cent in New York, according to BusinessLDN’s recent report on the new powers London needs to thrive. Roughly three-quarters of the city’s funding still arrives as central grant, much of it with strings attached.
That dependence sits awkwardly with London’s status as the engine room of the national economy, and analysts at the Institute for Government have long noted that the capital’s governance is best compared with Paris, New York and Berlin rather than with English regions of a very different size and shape. For BusinessLDN, the lesson is that a stronger settlement for London and a stronger settlement for the North are not competing demands but two halves of the same growth strategy.
Dickie also welcomed Burnham’s willingness to take on the structural problems that have dogged successive governments, singling out housing supply and the tax that falls hardest on the high street.
“The commitment to grappling with some of the long-standing thorny challenges facing the country, from housebuilding to reforming business rates, will also be welcomed by firms across the capital,” he said.
Both issues are live for the business community. Pressure for a wholesale overhaul of business rates has been building for years, with retailers, manufacturers and hospitality operators all warning that the current system penalises bricks-and-mortar firms and discourages expansion. The question of how far to go on fiscal devolution, meanwhile, has already been flagged by Chancellor Rachel Reeves as a piece of unfinished business, as the Treasury weighs handing more tax-raising and tax-retention powers to local leaders.
There are signs, too, that Burnham’s economic prospectus reaches beyond the machinery of devolution. His own advisers have floated ideas such as tying pension tax relief to British investment, part of a wider push to channel domestic capital into domestic growth.
For Dickie, the prize is ultimately about prosperity that is felt in people’s pockets, in the capital as much as in the North.
“The only way to improve living standards is through growth, and unleashing London’s potential is vital to achieving that, while also tackling the deep inequality and poverty that persists across the capital,” he said.
Whether Burnham’s blueprint survives contact with the Treasury, and with the political reality that any meaningful devolution means central government letting go, remains to be seen. But on the morning’s evidence, the business voices that are often assumed to defend the Westminster status quo are lining up behind a different model entirely, one in which power, money and accountability sit a good deal closer to the communities they serve.
Amy Ingham
Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.
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NEW YORK — Shares of Starbucks Corp rose modestly Monday, reflecting investor optimism around the coffee chain’s ongoing efforts to revitalize its U.S. business through menu innovation, operational improvements and digital enhancements amid shifting consumer preferences.
The stock advanced about 1.3% to around $103.26 in morning trading, adding to recent performance as the company works to address sales softness while capitalizing on its global brand strength and premium positioning in the competitive quick-service restaurant sector.
Starbucks has faced challenges in its largest market with slower traffic and increased competition from value-oriented rivals. Management has responded with a multi-pronged strategy emphasizing new beverages, food offerings and loyalty program enhancements to drive customer engagement.
The company’s latest quarterly results showed sequential improvement in U.S. comparable sales trends, though challenges persist in certain regions. Executives highlighted progress in simplifying operations and introducing products tailored to evolving tastes.
Starbucks continues investing in its digital ecosystem, with mobile ordering and rewards programs playing key roles in customer retention. The Starbucks app has become one of the industry’s most successful loyalty platforms, offering personalized recommendations and seamless transactions.
International operations remain a growth engine for Starbucks, with strong performance in markets across Asia, Europe and Latin America. The company has expanded its store footprint globally while adapting menus to local preferences and cultural contexts.
Menu innovation has become central to Starbucks’ North American strategy. Recent launches include new refreshers, seasonal beverages and food items designed to appeal to health-conscious and value-seeking customers.
Operational changes aim to improve speed of service and reduce complexity behind the counter. These efforts include streamlined workflows and technology investments to enhance efficiency during peak hours.
Monday’s share movement occurred without major company-specific news, suggesting continuation of positive sentiment from recent strategic updates and broader consumer discretionary sector stability. Starbucks shares have shown resilience despite industry headwinds.
Analysts maintain mixed but generally constructive views, with some highlighting potential for margin recovery as cost pressures ease and comparable sales stabilize. Price targets reflect expectations for gradual improvement in the U.S. business.
Starbucks’ premium brand positioning differentiates it in a fragmented coffee market. Its focus on quality ingredients, ethical sourcing and community engagement supports customer loyalty even during economic uncertainty.
The company has faced labor relations challenges in recent years, with unionization efforts at select stores. Management continues emphasizing direct communication with partners while implementing wage increases and benefit enhancements.
Sustainability initiatives remain integral to Starbucks’ identity. The company has set ambitious targets for reducing carbon emissions, responsibly sourcing ingredients and advancing diversity and inclusion goals.
Digital and third-place experience investments aim to enhance both convenience and in-store ambiance. Starbucks stores serve as community gathering spots beyond mere transaction points, supporting higher average tickets.
Global supply chain management has proven critical amid geopolitical tensions and commodity price fluctuations. Starbucks’ scale provides advantages in securing quality coffee beans and other inputs.
Monday’s trading reflected measured buying interest. The stock has navigated volatility while trending in a range as investors assess the effectiveness of turnaround initiatives.
Starbucks’ leadership transition and strategic refresh have drawn attention. New executives bring experience from consumer and technology sectors to support innovation and operational excellence.
The quick-service restaurant industry faces evolving consumer behaviors with greater emphasis on value, convenience and health. Starbucks adapts through tiered pricing, mobile-first experiences and menu diversification.
International expansion provides diversification from U.S. challenges. Markets like China continue offering significant growth potential despite periodic economic fluctuations.
Loyalty program enhancements and personalized marketing leverage customer data to increase visit frequency and spending. These capabilities represent competitive advantages in a digital-first retail environment.
As Starbucks progresses with its transformation plan, key metrics include U.S. traffic trends, average ticket growth and margin performance. Consistent improvement could support further share price appreciation.
The company’s brand strength and global reach provide a foundation for long-term growth. Starbucks has demonstrated adaptability through previous industry disruptions.
Monday’s gains contribute to Starbucks’ steady performance amid broader market movements. The stock reflects confidence in management’s ability to execute strategic priorities.
Starbucks continues balancing growth investments with returns to shareholders through dividends and share repurchases. This balanced approach appeals to income and growth investors.
The coffeehouse experience remains core to Starbucks’ identity even as digital channels expand. Physical stores drive brand discovery and community connection that complement app-based ordering.
Industry analysts expect continued innovation in beverages and food as Starbucks seeks to differentiate from competitors. Seasonal offerings and limited-time collaborations generate excitement and incremental sales.
As consumer spending patterns evolve, Starbucks’ premium positioning may benefit from aspirational purchases even in value-conscious times. Its rewards program helps maintain engagement across economic cycles.
Monday’s session highlighted Starbucks’ relative stability within consumer discretionary names. The company’s defensive characteristics in food service support consistent performance.
Starbucks’ role in popular culture and daily routines underscores its market position. The brand’s ubiquity creates both opportunities and expectations for continuous improvement.
Looking ahead, Starbucks will focus on operational excellence, customer-centric innovation and sustainable growth. Its trajectory depends on successful navigation of competitive and economic challenges.
“True to the motto of this city, I am going to do things differently,” Andy Burnham declared, a reference to the film 24 Hour Party People.
His speech in Manchester did indeed show a rather different way of seeing and running the UK.
The departing Greater Manchester mayor presented a diagnosis of what has caused economic malaise, rooted in his own experiences running the city and when he was previously in Cabinet.
At its heart it is a critique of an unresponsive British state, adept at arguing with itself, rather than achieving real change and rebuilding the country.
His solutions were ambitious, and mostly rather general, taking power from the centre and giving it to regions and cities, as occurs routinely in other advanced countries.
Burnham tells a story of his time as chief secretary to the Treasury, two decades ago, wishing to build a northern equivalent to London’s Crossrail, but being told it would not pass the Treasury cost benefit equation.
His speech today was not a detailed plan for the economy, with assessments of appropriate levels of tax, spend, investment and infrastructure and strategies for trade, AI and Europe.
Perhaps that is partly because this is still officially a Labour leadership campaign. It rather appears that he is trying to keep as much powder dry as possible on the precise trade-offs, for as long as possible.
There was general policy direction on changes to business rates, housebuilding, technical education, and infrastructure. The upbeat and optimistic tone was also notable.
In two specific areas Burnham appeared to want to communicate a capacity for being prudent on spending and borrowing. He confirmed he will stick to existing borrowing rules, and also backed the Milburn Review into young people’s employment outcomes, which could lead to welfare savings.
These are two parts of what has been described to me as a broad five-part plan. Devolution, and industrial policy are two other legs. The remaining part was referred to by Burnham as quicker help on the cost of living.
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