FTSE 100 Live: Pound dips and stocks slip as Andy Burnham victory triggers political uncertainty
Good morning from the City AM liveblog team.
Andy Burnham has secured his place in the House of Commons after a decisive by-election win in Makerfield overnight, with 54.8 per cent of the vote, well ahead of Reform’s 34.5 per cent.
Top of Burnham’s to-do list is triggering a leadership challenge inside the Labour party, making Keir Starmer’s future in Downing Street look increasingly limited.
The pound edged lower against the dollar overnight falling around 0.3 per cent to below $1.32, while stocks have edged lower in the opening minutes of trade on Friday morning. Gilt markets will also give their verdict on the prospect of a Burnham premiership.
We’ll bring you all the latest political and market reaction throughout the day.
Here’s a summary of some of our top business headlines from yesterday:
- Ministers open door to phased Heathrow third runway plan
- Bank of England to ‘tolerate slow return’ to inflation target as interest rates held
- Intertek to quit FTSE 100 after agreeing £11bn EQT takeover
- ‘Washed out’: Halfords eyes garage growth after wheels fall off cycling boom
