Starmer in Crisis: Burnham Path to Challenge Starmer Opens as MP Quits

Summary

Labour MP Josh Simons steps down to clear path for Andy Burnham to run for PM, adding pressure on Keir Starmer. Bloomberg's Lizzy Burden discusses the political uncertainty and its negative impact on UK gilts and borrowing costs.

• Labour MP Josh Simons resigns to allow Andy Burnham to seek PM role.
• Keir Starmer faces multiple challengers including Wes Streeting and Angela Rayner.
• Lizzy Burden warns of months of leadership battle creating political uncertainty.
• Uncertainty expected to pressure UK gilts and raise borrowing costs.
• Reform UK is likely to contest the by-election strongly.
• Markets dislike uncertainty, especially on fiscal policy direction.