FTSE 100 Set for Flat Open as Andy Burnham Becomes UK Prime Minister; City Awaits New Chancellor

The FTSE 100 is expected to open flat on Monday as Sir Keir Starmer formally resigns as UK Prime Minister and Andy Burnham succeeds him, delivering his first speech. Markets are focused on Burnham's cabinet appointments, with Home Secretary Shabana Mahmood tipped to become Chancellor and Chief Whip Jonathan Reynolds as Business Secretary. City leaders view Mahmood as a respectable but unknown pick, easing fears of a more radical Ed Miliband chancellorship. Meanwhile, rising US-Iran tensions, following the death of a third American service member, threaten to boost oil stocks but weigh on the broader index due to potential disruption to Strait of Hormuz shipping. The article also notes investor concerns over Burnham's economic team.

First published Aug 4, 03:00 PM UTCUpdated Jul 20, 05:31 AM UTC1 reports · 1 sources

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FTSE 100 Set for Flat Open as Andy Burnham Becomes UK Prime Minister; City Awaits New Chancellor

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FTSE 100 Set for Flat Open as Andy Burnham Becomes UK Prime Minister; City Awaits New ChancellorCity AMWesternJul 20, 05:31 AM UTC

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Andy Burnham Keir Starmer Shabana Mahmood United Kingdom United States Iran Strait of Hormuz