The article, an opinion piece by Larry Elliott, examines the early days of Andy Burnham's premiership and John Healey's chancellorship, drawing parallels with Denis Healey's tenure at the Treasury 50 years ago during the 1976 economic crisis. It argues that while today's economic backdrop is less dire, John Healey faces the challenge of reconciling his pledge for fiscal discipline with the government's ambitions to reverse decades of Thatcherite policy and rebuild British manufacturing, with the Treasury likely to constrain Burnham's broader aims.

The piece notes early symbolic moves such as a VAT cut on electricity bills and a cap on bus fares, alongside the removal of Starmer loyalists from cabinet, aimed at signalling a fresh start and countering the threat from Reform UK. It highlights the retention of Shabana Mahmood as home secretary as a sign of continued tough migration policy, which could push businesses to train UK workers rather than rely on overseas labour. Elliott concludes that despite Burnham's wish to build an economic power base at No 10 to rival the Treasury, his first day in office already demonstrated the Treasury's enduring dominance.