Greater Manchester Mayor Andy Burnham has announced his intention to stand as an MP, potentially paving the way for a Labour leadership challenge. Josh Simons, the current MP for Makerfield, stated he would stand down to allow Mr Burnham to "drive the change our country is crying out for," triggering a by-election that could return the former cabinet minister to parliament after nearly a decade.
Political manoeuvring and market reactions
It is understood that the Prime Minister will not block Mr Burnham from becoming Labour's candidate in the by-election, but the party's National Executive Committee must approve him when it meets next week. Polls indicate that Burnham remains a popular figure among Labour members, yet financial markets have reacted nervously to the prospect of a leadership bid.
The cost of UK borrowing surged this morning, with 30-year government bonds (gilts) rising 12 basis points to 5.774%, approaching 28-year highs reached earlier this week. The pound also fell to $1.335, its lowest against the dollar in over a month, and has dropped nearly 2% this week alone.
Starmer's position and internal party warnings
Amid swirling speculation, Keir Starmer's position remains unchanged: he will not step down unless he loses a leadership election and intends to "get on with governing" as the nation deals with global fallout from the Iran war. Key Starmer ally and Work and Pensions Secretary Pat McFadden has warned of the "political risk" of holding two "unnecessary" elections. Speaking to LBC, McFadden said: "Whoever is the candidate, whether it's Andy or another person, I'm a Labour man. I will be there campaigning for a Labour victory in that seat. The only thing I would say is that doing it in this route through an unnecessary by-election is always a risky prospect. History shows us that, and we mustn't be complacent about the voters here."
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