UK's Starmer Could Set Out Resignation Timetable Imminently

Summary

Bloomberg's Joe Mayes reports from Downing Street on UK PM Keir Starmer's expected resignation timetable, with Andy Burnham poised to take over and potentially move economic policy leftward, posing risks for gilts and UK markets.

• Starmer could announce resignation timetable imminently, paving way for Andy Burnham as next PM
• Burnham likely to push more left-wing economics, including higher taxes on wealthy and more public control
• Potential for stretching fiscal rules and more government borrowing under Burnham's advisers like Jim O'Neill
• Leadership contest risk: Burnham may offer extra spending pledges to win over Labour activists, unsettling markets
• Joe Mayes highlights market risk from a leftward shift and possible protracted leadership battle
• Gilt market open watched for initial reaction to political uncertainty