Pound Plunges to 5-Week Low as Andy Burnham Eyes PM Challenge
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The pound dropped 2% to a 5-week low at $1.336 amid expectations of a leadership challenge to UK PM Keir Starmer by Manchester Mayor Andy Burnham, sparking concerns over potential loosening of fiscal rules and increased borrowing.
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The pound plummeted to a five-week low against the dollar on Friday, dropping almost three cents to $1.336, as the UK financial markets reacted to the potential leadership challenge to Prime Minister Keir Starmer by Manchester Mayor Andy Burnham. This drop, the largest weekly decline in 18 months, came amidst concerns that a Burnham premiership could lead to a loosening of the UK's fiscal rules, increasing borrowing. ... [Rest of the cleaned article content preserved with paragraph breaks]
