Sterling drops amid Corbyn's exit

The British pound declined following the resignation of UK Prime Minister Kier Starmer, amid speculation about the imminent appointment of Andy Burnham as the new leader of the government. The pound fell by 0.2% to reach $1.321, with fluctuations in the bond market, where yields rose to 4.85%. This reflects the increasing cost of financing in the UK due to political pressures and ongoing financial challenges. The potential selection of Burnham, the former Manchester mayor, as a leader has raised concerns among investors regarding the country's future fiscal policies.

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