Burnam took the helm of the Labour Party and pledged to support businesses as prime minister

British politician Andy Burnham has become the new leader of the ruling Labour Party after winning an uncontested election, according to Bloomberg. On Monday, July 20, he is expected to succeed Keir Starmer as the country’s prime minister.

Speaking after his election, Burnam promised to focus on supporting entrepreneurs. “Make no mistake, everyone, I will be a business-oriented leader of the Labour Party, just as I supported businesses while serving as mayor of Greater Manchester,” he said, referring to the need to revitalize pubs, shops, and other small local businesses, the agency reports.

At the same time, Burnam criticized the privatization decisions made under Margaret Thatcher’s Conservative government. “The country relinquished control over key sectors—housing, water, energy, and transportation—and left people vulnerable to rising prices,” the politician said.

The FTSE 100, the British stock market index, remained virtually unchanged. Early in the session, it was up about 0.5%, but then gave up its gains.

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