Subsidiary impactsFor business, international bond markets will monitor whether Burnham sticks to his fiscal rules amid pressure to spend more. Small firms will gain from devolution due to rate relief and more attention to their needs; this may aid youth employment and training. The government’s plan to nationalize utilities, and tax the rich and the banks more, may deter US financial firms operating in London. His long-term goal is more ambitious — the reversal of major parts of the legacy of Prime Minister Margaret Thatcher (1979-90). Burnham is also committed to sharply increase defense spending and plans a major devolution of power from central government to the regions, especially to metropolitan mayors.