In this Guardian comment piece, economics writer Larry Elliott argues that Andy Burnham, whom he characterises as Britain's "prime minister-in-waiting", is correct in his diagnosis that 40 years of neoliberalism have failed the country, particularly its former industrial heartlands in Scotland, Wales and northern England. Elliott draws a pointed comparison with Liz Truss — both wanted to break with managed decline and had bold economic ideas — and warns that the central challenge for Burnham is to deliver a radical reindustrialisation agenda without triggering the kind of financial-market backlash that ended Truss's premiership within weeks.

Elliott sets out three requirements for Burnham to succeed. First, he must move beyond Labour's current focus on smarter regulation, fairer taxes and redistribution, and instead pursue a state-led strategy of reindustrialisation built on foundational industries such as steel alongside advanced engineering, automation, digital technology and clean energy. Second, he calls for serious public investment channelled through a properly funded national investment bank offering long-term "patient" capital, tied to a 10-year programme with public equity stakes to crowd in private investment and rebuild public wealth — pointing to Burnham's cluster-based approach as Greater Manchester mayor as a small-scale model. Third, Elliott cautions that Burnham must prepare for market pressure, noting that Keir Starmer has left his successor to fund defence spending, and warns against succumbing to the cycle of austerity that has locked the economy into weak growth.