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UK Borrowing Costs Rise and Pound Falls as Leadership Drama Continues
Burnham’s plan to return to Parliament raises the prospect of a leadership challenge as sterling falls for a fifth day and bond markets brace for more debt.
- Greater Manchester Mayor Andy Burnham is seeking a Parliament seat, a move that could enable him to launch a leadership challenge against British Prime Minister Sir Keir Starmer, who indicated Thursday he would not block the bid.
- Starmer faces mounting pressure after last week's local elections, when the Labour Party suffered a significant defeat that has prompted widespread calls from lawmakers for his resignation.
- Rising yields on Thirty-year Gilt bonds to nearly 5.7% reflect investor fears that a Burnham-led government would increase state spending and debt, with traders recalling past fiscal instability from the Liz Truss crisis.
- Health Secretary Wes Streeting resigned on Thursday, telling Starmer he had "lost confidence" in his leadership and that it was "now clear that you will not lead the Labour Party into the next general election."
- On Friday, Societe Generale strategist Kit Juckes told CNBC that global investors are "not comfortable because we don't know what's happening with the Labour Party," signaling deepening market uncertainty amid political instability.
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13 Articles
13 Articles
Evening Standard+3 Reposted by 3 other sources
Gilts and pound suffer sell-off as market frets over Labour leadership
Yields on UK government bonds climbed back up on worries over political instability and the candidates jostling to challenge the Prime Minister.
·London, United Kingdom
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Coverage Details
Total News Sources13
Leaning Left6Leaning Right2Center2Last UpdatedBias Distribution60% Left
Bias Distribution
- 60% of the sources lean Left
60% Left
L 60%
C 20%
R 20%
Factuality
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