Prospective Appointment of Shabana Mahmood as Chancellor Boosts Sterling and Gilts

Deep News07-16

Incoming UK Prime Minister Andy Burnham is set to appoint Shabana Mahmood as Chancellor of the Exchequer.

Burnham has selected the current Home Secretary, Mahmood, over Energy Secretary Ed Miliband to lead the Treasury. A source described the decision as "finalized," although reports indicate Mahmood has not yet been formally informed.

Representatives for both Burnham and Mahmood did not immediately respond to requests for comment. A spokesperson for Burnham had previously stated that personnel announcements would be made in due course.

The former Mayor of Greater Manchester is scheduled to assume leadership of the ruling Labour Party on Friday and will succeed outgoing Prime Minister Keir Starmer on Monday. Given the Chancellor's significant power over tax and spending decisions, this appointment is the most closely watched by investors.

Following the news, the British pound steadied, outperforming other G-10 currencies. The euro/pound pair fell below 0.8500 for the first time since June 2025, extending a sharp reversal after months of deep pessimism towards UK markets. UK government bond yields traded near their daily lows.

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