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The yield on the UK 10‑year gilt climbed back above 5%, its highest level in two months, as persistently elevated oil prices kept inflation worries in focus and strengthened expectations that the Bank of England will keep interest rates higher for longer. At the same time, investors weighed the implications of a political transition after Andy Burnham formally became UK prime minister on Monday, accepting King Charles III’s invitation to form a government. Burnham, who succeeded Keir Starmer unopposed, is the UK’s seventh prime minister in the past decade and the second since Labour’s return to power in 2024. He reiterated his commitment to the government’s existing fiscal rules, while indicating he is considering an increase in the income tax personal allowance, which has been frozen for several years. Market attention is now turning to his choice of chancellor, with Shabana Mahmood reportedly the frontrunner for the post.
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