My advice for Burnham’s first budget? Hit the banks – and hit them hard | Polly Toynbee

Why This Matters

Key context: <p>Bankers have barely begun to repay the billions they cost the country after 2008. In this PM they may have met their match</p><p>Vibes matter. We live by how we feel – an idea that orthodox economics gets wrong and Andy Burnham’s first budget looks set to get right.</p><p>This walking good-vibes maestro is spreading a confetti of small good deeds. These may not shift the dial yet on 40 years of neoliberal economics, but they show the way he’s heading. Eyecatching everyday things – from capping <a href="https://www.theguardian.com/uk-news/2026/jul/22/burnham-announces-bus-fares-across-england-to-be-capped-at-2">bus fares</a> to that small but resonant sum of <a href="https://www.theguardian.com/politics/2026/jul/21/burnham-announces-plans-to-cut-vat-on-electricity-bills-as-first-cost-of-living-move">£45 VAT on average off electricity bills</a> – get people talking, alongside bigger plans for a <a href="https://www.theguardian.com/society/2026/sep/29/what-are-labours-plans-overhaul-social-care-explainer-andy-burnham">national care service</a>, <a href="https://www.theguardian.com/politics/2026/sep/29/brexit-electoral-reform-key-takeaways-andy-burnham-conference-speech">electoral reform</a> and a possible journey <a href="https://www.theguardian.com/politics/2026/oct/26/brexit-deal-not-good-enough-andy-burnham">back to the EU</a>.</p><p>Polly Toynbee is a Guardian columnist</p> <a href="https://www.theguardian.com/commentisfree/2026/oct/27/andy-burnham-budget-banks-billions-prime-minister">Continue reading...</a> This development from The Guardian highlights ongoing changes in the sector.