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Burnham’s premiership lifts U.K. borrowing costs, Sterling rises

9/9/2026

15 3 Full Breakdown

Summary

Story summary

Andy Burnham succeeded Keir Starmer as Prime Minister on July 20, prompting higher U.K. borrowing costs.
U.K. borrowing costs rose under Burnham, matching a global government bond sell-off.
Sterling outperformed most G10 currencies, gaining 1.6% versus the euro and 2.8% versus the Swiss franc.
Sterling also rose 4.9% versus the Swedish krona.
U.K. GDP grew 0.4% in Q2 after a 0.6% Q1 expansion, among the strongest in advanced economies.

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Story summary

Andy Burnham succeeded Keir Starmer as Prime Minister on July 20, prompting higher U.K. borrowing costs.
U.K. borrowing costs rose under Burnham, matching a global government bond sell-off.
Sterling outperformed most G10 currencies, gaining 1.6% versus the euro and 2.8% versus the Swiss franc.
Sterling also rose 4.9% versus the Swedish krona.
U.K. GDP grew 0.4% in Q2 after a 0.6% Q1 expansion, among the strongest in advanced economies.