Mitsubishi UFJ Financial Group strategist Lee Hardman said sterling is unlikely to rally materially further despite higher inflation-adjusted real yields and reduced fiscal concerns. He noted recent strong gains mean markets have priced in much of the positive news, limiting upside. US‑Iran fighting has lifted energy prices and pushed UK gilt yields higher; incoming PM Andy Burnham’s pledge of fiscal responsibility, and reports he may appoint Home Secretary Shabana Mahmood as chancellor, have ea

Mitsubishi UFJ Financial Group strategist Lee Hardman said sterling is unlikely to rally materially further despite higher inflation-adjusted real yields and reduced fiscal concerns. He noted recent strong gains mean markets have priced in much of the positive news, limiting upside. US‑Iran fighting has lifted energy prices and pushed UK gilt yields higher; incoming PM Andy Burnham’s pledge of fiscal responsibility, and reports he may appoint Home Secretary Shabana Mahmood as chancellor, have eased initial political‑risk worries.