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Sterling Slides as UK Political Turmoil Deepens

The British pound fell to its lowest point in a month as domestic political instability roiled currency and gilt markets. Prime Minister Keir Starmer faced mounting pressure from lawmakers, including senior Cabinet figures, to announce a timeline for stepping down from office. Manchester Mayor Andy Burnham signaled his intention to seek a parliamentary seat, potentially positioning himself as a challenger to Starmer's leadership. The political crisis sent sterling lower and pushed gilt yields higher as investors reassessed UK risk. International concerns over US-Iran tensions compounded the sell-off in British fixed income. London officials called for bolder economic policy, including potential European Union reintegration, as internal dissent mounted within government.