Pound Tumbles as Burnham Escalates Labour Revolt Against Starmer

A potential challenge to UK Prime Minister Keir Starmer’s leadership from one of the nation’s most popular Labour Party politicians sent the pound tumbling by casting doubt on the future of his government and its efforts to rein in the national debt.

The nearly 1% drop was the biggest in more than three months and came after Manchester Mayor Andy Burnham said he was seeking to run for Parliament, raising the prospect that he will mount an effort to replace Starmer. It was the latest affront to the prime minister since his Labour Party suffered a significant defeat in last week’s local elections, which has led to growing calls for his resignation.