Andy Burnham becomes prime minister as Britain contends with a series of global economic shocks and years of weak growth in living standards, fuelled by underinvestment and deep regional divisions.

Before his arrival in Downing Street, the Labour leader pledged to deliver “good growth in every postcode” by transferring power from Westminster to local communities. But with the public finances under pressure, and time running out before the next general election, the task is not straightforward.