Sterling rallied after the FT reported Andy Burnham will appoint Shabana Mahmood as chancellor. The Bloomberg pound index jumped as much as 1% on Wednesday to its strongest level since July 2, 2025, and held near that level in Asian trade. The move reflects investor relief as markets await Burnham’s expected confirmation of the appointment when he takes office next Monday. Energy secretary Ed Miliband had been considered for the role; a Bloomberg Markets real-time poll shows Miliband is viewed a

Sterling rallied after the FT reported Andy Burnham will appoint Shabana Mahmood as chancellor. The Bloomberg pound index jumped as much as 1% on Wednesday to its strongest level since July 2, 2025, and held near that level in Asian trade. The move reflects investor relief as markets await Burnham’s expected confirmation of the appointment when he takes office next Monday. Energy secretary Ed Miliband had been considered for the role; a Bloomberg Markets real-time poll shows Miliband is viewed as the least market-friendly candidate.