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Pound Swings Higher After Sir Keir Starmer Announces Resignation
Sterling recovered early losses as traders priced in a possible Andy Burnham leadership bid and weighed the risk of policy changes.
- On Monday, Prime Minister Sir Keir Starmer confirmed his plan to step down, sending the pound higher to 1.3254 dollars from 1.3227 dollars on Friday.
- Starmer conceded he lost the support of Labour MPs following months of pressure, clearing the path for former Greater Manchester Mayor Andy Burnham, who won last week's Makerfield by-election, to mount a leadership bid.
- Nominations for a new leader open on July 9, with Starmer asking the Labour Party's National Executive Committee to finalize a timetable ensuring a successor is in place by September 1.
- Financial markets remain in wait-and-see mode regarding Burnham's potential Chancellor choice, while former transport secretary Wes Streeting ruled himself out, fueling speculation he may be in line for the role.
- To avoid spooking bond markets, Burnham stated he would stick to fiscal rules set by Chancellor Rachel Reeves, though analysts warn he must "work to persuade financial markets" he can control debt.
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Evening StandardReposted by 
Western Morning News
Western Morning NewsPound holds firm as Starmer confirms he will stand down
The FTSE 100 closed up 74.58 points, or 0.7%, at 10,437.85.
·London, United Kingdom
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Coverage Details
Total News Sources10
Leaning Left2Leaning Right1Center2Last UpdatedBias Distribution40% Left, 40% Center
Bias Distribution
- 40% of the sources lean Left, 40% of the sources are Center
40% Center
L 40%
C 40%
R 20%
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