Andy Burnham said he will be a pro-business prime minister in his first speech after formally winning an uncontested race to lead the Labour Party, Bloomberg reported Friday.

Burnham said he will be a pro-business leader as he was a pro-business mayor of Greater Manchester, pointing to small local businesses such as pubs and shops rather than large firms, according to the report.

The City of London expects Burnham's team to be less focused on courting finance than predecessor Keir Starmer, Bloomberg reported, citing people familiar with the matter, with the industry awaiting clarity on regulation, bank taxes, and who will serve as chancellor.

Burnham is set to take over as prime minister from Starmer on Monday. Home Secretary Shabana Mahmood is considered the favorite for chancellor, though Burnham said he has yet to make a decision, according to the report.

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