Michael Moore’s Outlook: Familiar faces in the new UK cabinet
Time was when the summer provided a welcome hiatus from politics. No more. Politics is a 24/7 activity these days, whether or not parliaments are sitting. And it is not entirely the fault of social media.
Right now in the UK we are adjusting to the arrival of a new prime minister, in keeping with the post-2016 tradition that this happens in July every other year (or so): David Cameron, Theresa May, Boris Johnson, Rishi Sunak and now Sir Keir Starmer each handed on the baton to successors in July (or in Johnson’s case announced his resignation, pending the election of his successor). Only Liz Truss bucked this political trend. Enough said.
And so it is that Andy Burnham will ensure another frantic summer for politicians, civil servants, regulators, the media and the vast ecosystem which surrounds them all.
Historians will eventually provide the perspective on how Mr Burnham became PM barely two months on from not even being a Member of Parliament, and with no obvious short term route to becoming one. But in the meantime, here we are in a new political world.
At least superficially. If you doubt it, mull the fact that one of the highlights (I am trying to use the term neutrally) of the new PM’s first week was a social media clip of him sitting in a pub comparing snacks with the new Chancellor of the Exchequer, John Healey.
Norm-busting has become the, er, norm for leading politicians across the western world, so we can expect more of this, for sure. but it will only work if there is substance, too. On which point, Mr Healey will be central to delivering on that and establishing the financial and economic credibility of the changed government.
Last month I made the (admittedly obvious) point that the appointment of his Chancellor was a key litmus test for the new PM. And the UK’s credibility. Having 7 prime ministers in just over 10 years is poor, to say the least. But in the same period there have been 9 Chancellors. We probably don’t need to get back to the longevity of George Osborne (6 years) or Gordon Brown (10 years) to put market concerns behind us, but there is clearly substantial room for improvement.
Thankfully, in that column I did not waste anyone’s time speculating on the next resident at No11 Downing Street, and just as well as none of the main political commentators foresaw Mr Healey’s arrival. Perhaps not even he did. Regardless, he will now have the busiest of summers ahead of the Budget, which is still expected in late autumn.
So, what to make of his potential approach? I acknowledge that anticipating what the Chancellor will bring forward in a few months’ time is perhaps ill-advised. But there are at least some pointers to the direction of travel.
In his first speech at the Treasury after assuming his new role, Mr Healey stressed some key principles which he says will guide his time as Chancellor: fiscal discipline, growth (‘in every postcode’), using procurement to support British businesses and promoting wealth creation.
These may be entry level requirements in many people’s eyes, but signals matter ahead of the crucial substance in the Budget, and the speech set out an agenda with which the industry can engage and that is welcome.
As for wider engagement, the roster of other ministers in the Treasury has a familiar ring to it. The Treasury no2 was previously the City Minister, the actual City Minister has returned to the role after a short time in a different (Treasury) job and each of the others has engaged with private capital over time.
As a result, conversations about how the industry can support the growth agenda and deliver investment across the whole of the UK can develop from useful starting points.
Happily, it is not just in the Treasury where there are familiar faces – at the newly enlarged Business department, the returning Secretary of State, Jonathan Reynolds, held a call with businesses and, in response to a question I put to him, enthusiastically confirmed that economic growth is his key priority.
Along with the Prime Minister and the Chancellor, therefore, we can see a clear appetite for investment across the high growth sectors of the economy and across the whole country. If the new government can enhance the attractiveness of the UK’s investment environment in the face of fierce international competition, there is ample scope for the industry to provide it.
That means the competitiveness agenda, as the underpinning of an ongoing partnership for growth, will remain our focus in the months ahead.
Michael Moore
Chief Executive, UK Private Capital
This article was originally published on 4 August 2026 on the Private Equity News website here.