#Britishpoundspot

Gilts tumbled after Manchester Mayor Andy Burnham secured a pathway to potentially challenge Keir Starmer for the UK prime minister’s job, threatening a fresh bout of political instability that investors fear could result in more expansive fiscal policy.

The pound fell to a one-month low after Manchester Mayor Andy Burnham said he is seeking to run for Parliament, potentially opening an avenue to challenge embattled UK Prime Minister Keir Starmer.

US consumer beef prices surged to new all-time highs, adding urgency to the Trump administration’s efforts to tackle inflation.

UK government bonds rallied as Prime Minister Keir Starmer said he would stay as the Labour leader despite the party’s election losses.