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UK to get new prime minister as Trump slams Britain as 'Poverty Stricken Disaster'
CNBC • • world
Key Points:
- Andy Burnham is set to become the U.K.'s seventh prime minister in a decade, formally appointed by King Charles at Buckingham Palace, and is expected to outline his policy vision in his first speech as premier.
- Burnham, considered more left-leaning than predecessor Keir Starmer, has pledged to address major issues like social care and criticized past centralization of political power and privatization of economic power.
- Investors have shown mixed reactions, with some concern about potential higher government spending and market uncertainty regarding Burnham's approach to fiscal policy, nationalization, and infrastructure funding.
- Burnham has committed to upholding Labour's manifesto pledges, including no immediate income tax increases, but speculation exists about possible reforms to inheritance tax, council tax, and stronger public control of key services.
- U.S. President Donald Trump has publicly supported Burnham's plan to accelerate oil and gas exploration in the North Sea, seeing it as a means to boost the U.K. economy significantly.
