Labour’s Burnham won the vacant Makerfield parliamentary by-election by 24,927 votes to 15,696 over Reform Party candidate Robert Kenyon, clearing a path for the Greater Manchester mayor to seek the Labour leadership. The 56-year-old has signalled intent to challenge Starmer but must first secure a Commons seat. Investors are watching for policy risk: if Burnham became party leader he could adopt looser fiscal settings than Starmer and Chancellor Rachel Reeves, market participants say. The pound

Labour’s Burnham won the vacant Makerfield parliamentary by-election by 24,927 votes to 15,696 over Reform Party candidate Robert Kenyon, clearing a path for the Greater Manchester mayor to seek the Labour leadership. The 56-year-old has signalled intent to challenge Starmer but must first secure a Commons seat. Investors are watching for policy risk: if Burnham became party leader he could adopt looser fiscal settings than Starmer and Chancellor Rachel Reeves, market participants say. The pound was little changed near $1.3195 after the result. The outcome could have greater impact when UK gilts open in London morning trade.