Markets on alert as new UK PM outlines plans: First Insights

研报英文原文证据摘录

Markets on alert as new UK PM outlines plans: First Insights

Global Markets Research

21 July 2026First Insights

Economics - Global

Research Analysts

Markets on alert as new UK PM outlines plans European Economics

George Buckley - NIplc

• AndyBurnhamistheUK’snewPM,andinasurprisemoveJohnHealey(aLabour george.buckley@nomura.com

centristwithhighambitionsfordefencespending)isChancellor.Theadministration +44 (0) 20 7102 1800

haswastednotimeinmakingannouncements,butsofarhassaidthatitwillstickto Andrzej Szczepaniak - NIplc

thefiscalrules–albeitmakinguseoftheirflexibility(whateverthatmeansexactly). andrzej.szczepaniak@nomura.com

+44 (0) 20 7102 3167

• WithBurnhamhavingtalkedabouthispremiershipbeinga“circuitbreaker”fortheUK Josie Anderson - NIplc

andhisplanstomakeboldpolicydecisions,thisisunlikelytobeachievedby josie.anderson@nomura.com

tinkeringattheedges.Marketswillthereforebeonhighalertforanyshiftsin +44 (0) 20 7102 4284

economicpolicythatcouldultimatelycompromisetheUK’sfiscalandmonetarypolicy

framework.

• Forthetimebeing,webelievethepotentialsensitivityofthegiltmarkettothe

perception,orreality,oftheTreasurypursuingriskyfiscalstrategieswillprovetobea

sufficientbrakeonthegovernment’sfiscalandmonetaryambitions.

Burnham surprises with Chancellor pick

Andy Burnham replaced Keir Starmer yesterday as the UK’s new Prime Minister – the

seventh premier since 2016. Already there have been a flurry of headlines and comments

from the UK’s new leader, and Chancellor, in relation to the UK’s public finances and how

the administration intends to fund some of its ambitious plans.

Burnham’s choice of John Healey (former Defence Secretary and treasury minister,

among other government roles) as Chancellor of the Exchequer was a surprise. There had