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‘No 10 North’ will help power flow into West Country, says Labour leader hopeful Andy Burnham

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The MP for Makerfield has made his first major policy speech since launching a bid to become PM

Andy Burnham delivers a speech at The People's Museum in Manchester

Andy Burnham delivers a speech at The People’s Museum in Manchester(Image: Jeff J Mitchell/Getty Images)

Labour leader hopeful Andy Burnham has pledged to create a ‘No 10 North’ if he becomes Prime Minister, claiming it will help power flow into regions including the West Country.

The newly elected MP for Makerfield, who is currently the party’s frontrunner to take over from Sir Keir Starmer, unveiled plans on Monday (June 29) to devolve more powers to the UK’s regions and nations.

In his first major policy speech since launching his leadership bid, the former Greater Manchester mayor said he would deliver the “biggest change in our lifetime to the way the country is run” while remaining “consistent” to Labour’s 2024 manifesto.

“We will create a more streamlined state with a clearer purpose to power up all parts of the country and put a laser-like focus on growth and regeneration,” he said.

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“The change will be driven through the prime minister’s office in an extended operation based here in Manchester. But here’s the important thing; it will only be based here. The job of No 10 North will be to make power flow into the Midlands, into the South West, into the East of England and yes, into London.”

Burnham said his proposals would help regional leaders gain “greater public control” in areas such as transport, housing, energy and water.

“No 10 North will be the nerve centre for a rewired Britain,” he said. “It will be the conduit through which we redistribute power and resources across the UK. It will coordinate all parts of government, at national and local level, to agree a long-term economic strategy and help all places set new growth ambitions.”

He also called for “good growth in every British postcode” adding that he wanted “more joined up decisions” with Westminster and the UK’s regions and nations.

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He said No 10 North would support the regions in three areas: reform of essential utilities; reindustrialisation; and the regeneration of places.

“We are such an inventive country and, going forward, we can be the world’s leading innovation nation,” he said. “This is the key to higher growth.”

West of England’s mayor Helen Godwin responded to the comments by calling for “more power and more funding” as the UK’s only expanding combined authority.

The West of England Combined Authority (Weca) currently covers Bristol, Bath and North East Somerset, and South Gloucestershire, but could soon also be joined by North Somerset.

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“The West Country has to be at the heart of places getting more powers and more funding,” said Ms Godwin.

“That must be the case as the only expanding combined authority, with North Somerset joining, and as we push towards Established Strategic Authority status.”

Ms Godwin said she was “glad to see” that devolution was “front and centre” of the national conversation following Burnham’s speech.

“As the country’s fastest-growing regional economy over the last five years, we can help power a bright future,” she said.

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“We have seen historic steps forward on devolution over recent months, with commitments to enable mayors to introduce overnight visitor levies and to retain some of the taxes raised from our communities.

“In this new chapter, our region now has a proper seat at the table. Our voice is now being heard. But more is needed to give people hope.”

According to Weca, since 2019 the economy across the Bristol and Bath region has grown four times faster than the national average. In 2023, the West grew by almost three per cent – outperforming every other combined authority area and London.

In May, Weca set out its growth potential – said to be worth some £17bn – at a major UK investment summit in Leeds. It followed the unveiling of a 10-year growth strategy last year which the mayor said could create tens of thousands of jobs in the West of England and drive major investment in the region.

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She added: “Over the months ahead, we will be proudly making the case in Westminster and beyond at every opportunity to secure the investment that our region deserves – with a new £17bn Investment Prospectus – and make a difference for communities.

“Together, we can deliver change that people across the West of England can really see and feel.”

If no other Labour MP makes a leadership bid, Burnham could replace Sir Keir as Prime Minister as soon as July 20.

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Capital One says it closed Trump Organization’s accounts after anti-money laundering probe

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Cenovus Energy Inc. 2026 Q2 – Results – Earnings Call Presentation (TSX:CVE:CA) 2026-08-01

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

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Fluence Corporation Limited 2026 Q2 – Results – Earnings Call Presentation (OTCMKTS:EMFGF) 2026-08-01

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Essex Property Trust, Inc. 2026 Q2 – Results – Earnings Call Presentation (NYSE:ESS) 2026-08-01

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Amerant Bancorp Inc. 2026 Q2 – Results – Earnings Call Presentation (NYSE:AMTB) 2026-08-01

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

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Soitec SA (SLOIY) Shareholder/Analyst Call Transcript

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Frederic Lissalde

Being broadcast. I hereby declare open the combined ordinary and extraordinary general meeting of Soitec. This meeting is convened to go over the agenda set out in the notice of meeting, which was sent to registered shareholders and also published in the official bulletin.. As the Chairman of the Board of Directors, I am chairing this general meeting, and I would now appoint the meeting’s officers. I hereby call upon the 2 members of the meeting which hold the largest number of votes, and they have agreed to fulfill this role to act as scrutineers.

So the company Bpifrance Participations, hereby represented by Mr. Samuel Dalens and the company called CEA Investissement represented by Ms. Julie Galland and Samuel Dalens and Julie Galland are seated in front of me here in the first row. The Chair and the scrutineers form the Presiding Committee of the meeting, and they appoint a Secretary, Emmanuelle Bely, who is the Secretary General of Soitec and also the Secretary to the Board of Directors and who is standing to my left. We now have the officers in place. Also present beside me are Laurent Remont, our new CEO since April 2026, who is attending his first Soitec Annual General Meeting; and Albin Jacquemont, our Chief Financial Officer.

The statutory auditors are also present in this room. One is Benjamin Malherbe for Ernst & Young Audit and Laurent Genin for KPMG. And we also have with us the directors who were able to attend those who could make themselves available. And I would like to thank them

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Weak rupee takes its toll on cos with huge foreign debt

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The global economic crisis is beginning to weigh heavily on India Inc���s balance sheet, courtesy the depreciating rupee. While a weakening rupee might bring cheer to export-oriented sectors such as IT and textiles, it has pushed up the foreign exchange liabilities of Indian companies.

Accounting rules, called AS-11 provisions, make it mandatory for companies to make mark-to-market provisions in their profit & loss accounts for any changes in foreign currency loans. The worst hit have been those companies that predominantly serve the domestic market and opted for foreign currency loans to finance their growth plans.

According to an analysis by ETIG, the profitability of companies will be dented by mark to market (MTM) losses. Tata Steel may report a forex loss of around Rs 344 crore, whereas Tata Motors could take a hit of Rs 311 crore. Tata Chemicals, which took a foreign currency loan of $475 million to fund its overseas acquisitions, is estimated to report a forex loss of Rs 187 crore. Ranbaxy, JSW Steel and Firstsource Solutions will lose Rs 100 crore and Rs 400 crore each. The list of companies is not exhaustive as an estimated dozen companies raised forex debt last year.

Thankfully, this is only an accounting entry and does not affect the cash flows. However, it is likely to be read negatively by the stock market. Market participants actively track companies��� net profits and any adverse development does affect valuations. The rupee had positively impacted most of the above companies till last year, but it has depreciated by over 9% in the quarter ended September 2008.
When the rupee depreciates, the value of foreign currency liability denominated in rupee terms increases and vice versa. According to AS-11 stipulations, an increase in liability should be reflected in the quarterly profit and loss statement and will translate into lower corporate profits. Most companies are focused on the domestic market and are therefore unlikely to benefit from a weakening rupee.


The falling rupee will severely affect the small companies, whereas the big ones will be impacted only moderately. Firstsource Solutions may report a net loss, while Tata Steel might see a 100 basis points decline in net profit margin on account of forex losses. To put things in perspective, most companies will experience a 10-50% hit on their operating profits.
Companies such as Reliance Communication, Reliance Industries and Bharti Airtel follow schedule-VI of the Companies Act, instead of AS-11 and are therefore unlikely to see an impact on their quarterly profit and loss statements. The operating profits of the two Reliance companies would have been lower by around Rs 800-900 crore if they had subscribed to the AS11 norms.

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Erste Group Bank AG (EBKDY) Q2 2026 Earnings Call Transcript

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