Andy Burnham’s long held ambition to be the UK’s prime minister will come with some daunting economic challenges.

Productivity growth is at a virtual standstill, real incomes have stagnated and the cost-of-living crisis has become a permanent fixture for many households. Meanwhile, the government spends around £110 billion a year paying the interest on nearly £3 trillion of debt.

Burnham says he is on a “10-year mission” to transform the country. So what might he do to try to fix the British economy?

One thing that voters can reasonably expect is a move towards greater devolution of power – especially spending power – to the English metro regions. As mayor of Greater Manchester, Burnham often argued that too many economic decisions were made in London, and that this held the rest of the country back.

Burnham believes that allowing other regions to implement their own locally led pro-growth policies could transform Britain’s economic prospects. It’s a view shared by one of his key economic advisers, Jim O'Neill, who has long argued that creating metro growth hubs could substantially boost the UK’s GDP.

This approach is bound to be controversial. It could mean, for example, taking resources away from the £49........

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