Businesses are appealing directly to Andy Burnham for support as he hosts a Downing Street summit aimed at forging a new "partnership" with industry to boost economic growth. More than 800 leading pubs, hotels and restaurants have urged him to cut hospitality VAT to protect jobs, while banks have separately voiced alarm at the prospect of being targeted for extra revenue in the upcoming Budget, as Labour struggles to balance the public finances.

The summit brings together entrepreneurs from firms including Octopus Energy, Revolut and Starling Bank, alongside chief executives from HSBC, Rolls-Royce, Morrisons, BAE and Shell, ahead of Burnham and Chancellor John Healey's first Budget on 28 October. Hospitality campaigners, backed by chefs Heston Blumenthal and Tom Kerridge and chains such as Wagamama, Wetherspoon's and PizzaExpress, want VAT cut from 20% to 10%, warning that over 370,000 people have signed their petition and that closures will accelerate without action. Banking figures, including the City of London Corporation's Chris Hayward, have separately warned against further taxes on the sector, arguing it would harm competitiveness given Labour has already raised more than £70billion a year in taxes since 2024.