Speculation Mounts Over Andy Burnham's Return to UK Parliament

British government bond yields spiked to over a two-week high after reports of a Manchester lawmaker's potential resignation, hinting at Andy Burnham's comeback to parliament. This development could challenge Labour leader Keir Starmer amid his poor polling performance, ahead of critical upcoming local elections.

In a significant financial development, British government bond yields have increased to their highest in over two weeks, following reports suggesting a potential shift in the political landscape. A Manchester lawmaker's possible resignation could herald Greater Manchester Mayor Andy Burnham's return to the House of Commons.

Currently, Burnham is considered a strong contender who might challenge the leadership of Labour Party leader Prime Minister Keir Starmer. Starmer is facing declining support in opinion polls, which adds pressure as the local elections in May approach.

Thursday saw the 10-year British gilt yield hitting 4.512%, marking its highest point since January 6, with a 5 basis point rise within the day. This bond market movement reflects investor concerns over potential political uncertainties.

(With inputs from agencies.)