The British government has proposed a fundamental shift in its foreign policy to restore economic ties with its largest trading partner. Prime Minister Andy Burnham announced at the Labour Party conference that he may lead a campaign for the UK to rejoin the European Union at the next general election. This represents a sharp escalation from the position of previous officials who had only refused to rule out membership as a potential option to ensure long-term national stability.

To evaluate these different frameworks, Burnham called for a UK-EU summit later this year to find consensus on a long-term relationship and secure a "clear path" for the country's future. He argued that Brexit "has done more harm than good" and has failed to provide Britain with actual control over its own affairs. Markets reacted immediately to the prospect of closer ties as UK carbon prices surged following the Prime Minister's pledge.