Burnham adviser calls for billions of pounds in borrowing for infrastructure

TL;DR

Jim O’Neill, potential chief economic adviser to Andy Burnham, proposes increased borrowing for infrastructure investment.
He suggests an independent body, akin to the OBR, to manage infrastructure spending transparently.
O'Neill believes this can be achieved within the government's current fiscal rules.
This approach may indicate a more left-leaning economic policy for Burnham compared to Keir Starmer.
Burnham is also consulting other economists like Andy Haldane and Richard Hughes.
Potential chancellors being considered include Ed Miliband and Wes Streeting.
O'Neill previously chaired the Northern Powerhouse Partnership and supports Northern Powerhouse rail proposals.
Increased borrowing could be balanced by assets purchased, according to Rachel Reeves' fiscal rule changes.
An independent body would enhance transparency and reassure financial markets about the growth benefits of projects.

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