The yield on the UK 10-year gilt slipped to 4.81% after climbing in the previous two sessions, as investors reacted to Prime Minister Keir Starmer’s resignation while concerns over the prospect of a disruptive leadership transition eased somewhat. The resignation follows Greater Manchester Mayor Andy Burnham’s by-election victory last week, which enabled his return to Parliament. Burnham subsequently announced his intention to seek the premiership. Prospects for a smooth leadership transition improved after Wes Streeting, previously viewed as a potential challenger, declared his support for Burnham. Investors are now focused on the implications for the UK’s fiscal outlook and Burnham’s fiscal policy agenda, with few concrete details available so far. A key concern remains the possibility of increased gilt issuance to finance higher public spending, which could further strain the UK’s already fragile public finances and elevated debt burden.

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