UK's Burnham to unveil plan to shift power from London

The former Greater Manchester mayor and the Labour lawmaker, Andy Burnham, will outline his vision for the United Kingdom (UK) on Monday, the Guardian reported. 

Last Monday, Keir Starmer faced political pressure and announced he would step down as leader of the ruling Labour Party. The schedule to pick a successor could see Burnham installed as Prime Minister as soon as July 17, if no other challenger emerges.

Burnham will set out on Monday how he’d “lift Britain back up” by devolving UK power from London to regions. His key pledges include "good growth in every postcode", creation of a "No. 10 North," and reform of public procurement to maximize support for British jobs and industry.

Market reaction

At press time, the GBP/USD pair trades 0.01% higher at around 1.3198.