Andy Burnham has declared his intention to run as a Member of Parliament, possibly signaling a move towards assuming leadership of the Labour Party. Makerfield MP Josh Simons has announced his decision to step down to allow Burnham to lead the change the country needs, triggering a by-election that could see the Greater Manchester mayor return to parliament after nearly ten years.
Reports suggest that the Prime Minister will not obstruct Burnham from becoming Labour’s candidate in the by-election, pending approval by the party’s National Executive Committee in their upcoming meeting. While polls indicate Burnham’s popularity among Labour members, financial markets have reacted uneasily to the prospect of his leadership challenge.
UK borrowing costs surged this morning, with 30-year government bonds rising to 5.774% in Friday morning trading, nearing the highs seen earlier in the week. Additionally, the pound dropped to $1.335, its lowest level against the dollar in over a month, and has fallen almost 2% against the dollar this week alone.
Amid ongoing speculation, Keir Starmer remains firm in his stance as conveyed to his cabinet recently – he will only step down if he loses a leadership election and is focused on governing amidst global tensions stemming from the Iran conflict. Pat McFadden, a key ally of Starmer and the Work and Pensions secretary, has pledged to support Labour in the Makerfield by-election, emphasizing the political risks associated with triggering two unnecessary elections in Greater Manchester.
McFadden expressed his commitment to campaign for a Labour victory regardless of the candidate, highlighting the importance of not underestimating the voters’ role in deciding the next MP for Makerfield. He emphasized the historical risks involved in conducting an unnecessary by-election and stressed the significance of voter participation in determining the constituency’s representation.
