What has he said so far?

Burnham has been fairly open about where he thinks Labour went wrong on small business policy, admitting the party "got it wrong" and pledging a shake-up of business rates as a result. His plans, first set out during his by-election campaign and his June policy speech in Manchester, include:

• A 20% cut to business rates for pubs, clubs and music venues next year, a larger reduction than the 15% cut already planned by the Treasury.

• Scrapping business rates entirely for cafés, shops and hairdressers.

• Raising the rates threshold for small firms for the first time since 2017, with a taper system designed to remove the sharp "cliff edge" that currently penalises growing businesses.

• Reconsidering the employers' National Insurance rise brought in under the 2024 Budget, which he has previously called the wrong decision.

To pay for this, he has pointed to two funding sources rather than general taxation: higher rates for landlords who leave high street units sitting empty, and a new levy on the warehouse operations of large online retailers such as Amazon. That framing (small high street business good, absentee landlords and online giants pay more) is likely to become a recurring theme of his economic messaging.

One thing to watch: he has not ruled out raising corporation tax, and reports suggest a possible extension of the visitor levy on overnight stays, which would raise costs for hospitality businesses reliant on tourism and staycations.

Cabinet picks will show his intentions

Burnham was expected to name his top team shortly after taking office today, and those choices will say a lot about the direction of travel for small business policy. Reports ahead of the announcement pointed to Shabana Mahmood moving from the Home Office to Chancellor, with Ed Miliband tipped for Foreign Secretary and Yvette Cooper potentially returning to the Home Office.

For small business owners, the appointment to watch most closely is the Chancellor, since they will control the Budget, business rates reform and any changes to employers' National Insurance. The choice of Business Secretary will also matter, particularly for anyone in retail, hospitality or the high street sectors that Burnham has singled out for support. Keep an eye on departmental announcements over the next few days, as early ministerial statements tend to signal which manifesto pledges get prioritised first.

Burnham has also promised to shift some political power away from Westminster, including a pledge to establish a "Northern No. 10" in Manchester and split his working week between London and the north. For small businesses outside London and the South East, this devolution agenda could translate into more regional funding pots, transport investment and localised business support, though the practical detail is still to be confirmed.

Will cost of living relief help or hinder SMEs?

Burnham inherits an economy that has actually outperformed the Eurozone and G7 in early 2026, but growth remains sluggish and household budgets are still stretched. His central pitch is that easing the cost of living and reforming property taxes will free up spending power that eventually flows back into local businesses.

The trade-offs are worth watching closely:

• Lower business rates and NI costs would ease overheads for high street retailers, cafés and hospitality venues, potentially the biggest tangible win for SMEs if it goes ahead as pledged.

• A land value tax to replace council tax and business rates, an idea Burnham has floated before, could simplify a notoriously complex system, but any large-scale property tax reform tends to create winners and losers, and implementation would likely take years rather than months.

• New levies on landlords and online retailers could indirectly benefit small independent shops competing with e-commerce giants, but businesses that lease from smaller landlords may see costs passed down if margins get squeezed.

• A wider visitor levy would be a direct cost for small hospitality and tourism operators, even as it's framed as a tool for local councils to reinvest in the visitor economy.

None of this is confirmed policy yet. Burnham has been criticised for keeping his plans vague during a leadership contest he ran unopposed in, so the real test starts now: his first Budget, his choice of Chancellor, and how quickly business rates reform actually reaches legislation.

The bottom line for small business owners

If Burnham follows through on his stated priorities, the direction is broadly favourable for high street and independent businesses: lower rates, a reconsidered NI burden and more regional investment. The bigger unknowns are timing, how any revenue shortfall gets covered, and whether promises made on the campaign trail survive contact with the Treasury.

For now, the most useful thing SME owners can do is watch the Cabinet appointments this week and the first fiscal statement that follows. Both will tell you far more about the coming months than anything said before Burnham had the keys to Number 10.

Want to hear directly from policymakers and industry experts on what's next for small businesses? Join us at The Business Show London to get the latest insight as it happens.