Culture shift needed in UK business

The UK needs a 'culture shift' in how it does business, Andy Burnham has said ahead of a meeting with some of the UK's biggest bosses.

He added the government would be 'a partner for growth to make every part of Britain better off'.

Burnham will host a reception for the business community where local leaders are invited before a private engagement with senior chief executives at Downing Street on Monday evening.

The meeting comes as higher borrowing costs in the UK and other countries present problems for governments looking to spend money on business support or investment.

Official data revealed a surprise boost in the economy in July partly driven by artificial intelligence (AI) investment, though experts expect growth to slow in the months ahead due to high energy prices.

The US-Israel war with Iran has led to a sharp jump in oil prices, which has fed through to higher energy and fuel prices, affecting households and businesses.

This rise in energy costs has led to fears that inflation will remain high, and increase the chance that central banks will hike interest rates to keep price rises under control.

Experts say this is due to several factors affecting investor confidence in the UK, such as multiple prime ministers, chancellors and policy U-turns over a short period.

In an interview with the BBC last week, Chancellor John Healey called for a restoration of 'confidence about Britain' despite acknowledging the challenge of 'historic high' borrowing costs.

Others have argued that the Labour government has created its own problems by increasing costs for businesses.

Conservative shadow business secretary Julia Lopez said: "The way for the prime minister to get businesses thriving, delivering jobs and driving growth is to cut their taxes. \"Labour's jobs tax and employer red tape have been devastating for businesses. The consequence has been a drying-up of the jobs market, weaker investment and businesses facing ever greater costs.