The UK 10-year gilt yield rose to 8.45%, extending gains for a third consecutive session after Prime Minister Keir Starmer announced his resignation. Starmer said he will remain in office until a successor is chosen and pledged to ensure an orderly transition, with a new leader expected by September. The move sets the stage for either a clear path toward Andy Burnham’s leadership bid or a wider contest among potential candidates over the summer. Investors appear to be taking the developments calmly, with attention now shifting toward the potential policy direction under a new government. Burnham’s economic plans remain a key focus, though fiscal constraints may limit major changes. Concerns over bond market discipline and government spending are likely contributing to the muted market response.

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