Key facts
- Andy Burnham won the Makerfield by-election with 54.8% of the vote.
- Burnham's victory is expected to trigger a Labour leadership challenge.
- The pound fell about 0.3% against the dollar.
- UK bonds declined amid renewed inflation concerns from rising oil prices.
- Stock markets are forecast to open lower.
Andy Burnham secured a decisive victory in the Makerfield by-election, winning 54.8% of the vote. This win is expected to trigger a leadership challenge within the Labour party, potentially limiting Keir Starmer's tenure as leader.
Following the news, the pound edged lower against the dollar, falling approximately 0.3% to below $1.32. UK bonds also declined as rising oil prices exacerbated inflation fears. Stock markets are anticipated to open lower, with gilt markets expected to react to the prospect of a Burnham premiership when they open.