22/06/2026
The wheels have been set in motion already and with Streeting backing out, Burnham looks to be the uncontested favourite to take over as UK prime minister next - Coronation over Contest !!
While GBP/USD has recovered a bit today as Starmer doesn't drag on the political uncertainty, but a PM Burnham could be the most damaging outcome for the pound sterling due to the economic and fiscal effects of his policy agenda.
His Policies: Wealth tax, raising capital gains and dividend tax to income tax levels, abolishing the upper earnings limit for national insurance, charges on every form of consumer credit, and pushing up stamp duty surcharge to 9% for multiple homeowners and an increase to 6% for non-residents, will make the GBP take a hit (sub 1.3 all over again?)
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