Burnham return attempt spooks bond markets and hits sterling

Manchester mayor Andy Burnham's bid to return to parliament has unsettled traders, causing sterling to drop and gilt yields to spike. Following the resignation of MP Josh Simons, Burnham's potential candidacy has raised concerns among bondholders due to his criticism of the current Labour government's fiscal policies. Sterling fell 0.2% against the US dollar, while ten-year gilt yields rose above 5%. Burnham aims to nationalize key sectors and has proposed maintaining fiscal rules with exceptions for defense spending, but faces hurdles to secure his candidacy and leadership.