Opinion

Don’t worry, it’s only conference season

There is something reassuringly British about spending September denouncing an economic system and October asking whether it might like to fund a tram extension. Conference season allows politicians to explain what is wrong with the world, preferably to people who already agree, before returning to the business of finding someone willing to pay for putting it right.

For investors, a leader’s speech designed to bring delegates to their feet is not necessarily a reliable guide to where capital will be welcomed, how businesses will be taxed or which projects will eventually get built. While the applause is gratifying, it rarely constitutes anything approaching planning permission.

Andy Burnham’s ambition to move beyond Thatcherism while welcoming foreign investment offers a useful illustration. International capital is clearly a troubling influence until it arrives in Manchester carrying the roadmap for a regeneration prospectus. Britain remains open for business but better call it regeneration to calm the political waters.

It is perfectly possible to favour stronger public institutions while recognising that private capital is essential to delivering homes, infrastructure and economic growth. The argument concerns the terms on which that capital participates, who benefits and how the risks are shared. Burnham’s conference speech acknowledged the need for growth and inward investment alongside his proposals for a stronger public role.

He has form here. Manchester City may well be punished for their financial misdemeanours, but Manchester has been, like London, built on UAE money so perhaps the punishment will less fit the crime and more consider extenuating dependencies?

Nevertheless, investment is where investors should direct their attention. Britain’s requirements are substantial, from housing and electricity networks to the infrastructure that allows regional economies to develop. Political enthusiasm can help establish priorities and create momentum, but the opportunity becomes meaningful when ambition acquires a delivery mechanism, a funding structure and a credible source of returns.

Private equity, private credit and infrastructure investors may have roles to play. However, a worthy social objective does not automatically make a worthwhile investment. A project still needs sound economics, capable management and contractual arrangements that survive beyond the ministerial photograph. Regeneration is an attractive word, but it cannot rescue a dysfunctional spreadsheet or defy the laws of mathematics.

Nor should conference rhetoric simply be ignored. Proposals affecting taxation, regulation or ownership can materially alter investment conditions. The task is to distinguish a statement of political identity from a policy with a timetable, an implementation plan and consequences for cash flows. Investors should remain attentive without allowing every standing ovation to become a portfolio instruction.

For wealth investors, this calls for patience and selectivity. Exposure to Britain should rest on the merits of particular businesses, assets and investment strategies, with diversification providing protection against the possibility that political promises meet practical obstacles. Ultimately, Britain’s politicians may disagree about capitalism, but many of their ambitions depend upon persuading it to turn up.

17th October 2026