UK Prime Minister Andy Burnham has called for a “culture shift” in the way the country supports business, saying entrepreneurs who take risks should receive backing from government and local authorities. He was due to meet senior executives from major companies at Downing Street, according to BBC News.

The meeting was scheduled to include leaders from BP, Shell, HSBC, Morrisons, Sainsbury’s, BT and Vodafone, among others. Burnham said people with strong ideas should have confidence that they would receive the support needed to develop them. He also argued that local leaders should have the tools to work directly with businesses to attract investment, create jobs and transform communities.

The talks come as the Labour government faces criticism over measures that have increased business costs, including changes to employer national insurance and the minimum wage introduced under Burnham’s predecessor, Sir Keir Starmer. More than 800 pub, restaurant and hotel bosses separately wrote to the prime minister seeking a reduction in hospitality VAT from 20% to 10%.

The government is also under pressure from higher borrowing costs. Chancellor John Healey is preparing for his first Budget next month, while increased bond yields have made business support and public investment more expensive. BBC News said the UK’s 10-year government bond yield was higher than those of the United States, France and Japan, amid concerns about investor confidence and policy instability.

Official data showed unexpected economic growth in July, partly driven by investment in artificial intelligence, although experts expect expansion to slow because of high energy prices. Rising oil and energy costs have fueled concern that inflation will remain elevated, potentially increasing pressure on central banks to raise interest rates.

Walter Goodwin, chief executive of chip designer Fractile, said the government’s recognition of high-growth companies was positive but argued that Britain could do more to attract global talent. Conservative shadow business secretary Julia Lopez said the government should instead cut business taxes, accusing Labour of damaging employment and investment through higher costs and additional regulation.