Keir Starmer resigned as Prime Minister of the United Kingdom on Monday (20), paving the way for Andy Burnham to take office after formally tendering his resignation to King Charles III.
Burnham is expected to become Britain’s next Prime Minister after meeting the King at Buckingham Palace. He will then begin naming his Cabinet, with several key ministerial appointments expected later in the day.
Investors are closely watching the appointment of the next Chancellor, as the role will shape the government’s economic and fiscal policies. Reports suggest Shabana Mahmood is a leading contender, while some members of the Labour Party continue to back Ed Miliband for the position.
Markets have remained relatively calm amid speculation over the Cabinet. However, analysts say unexpected appointments could affect investor confidence and market sentiment.
Several senior ministers are also awaiting confirmation of their future roles, including Angela Rayner, Wes Streeting, and Yvette Cooper. Meanwhile, Prisons Minister Lord Timpson has already announced his resignation.
Burnham will become Britain’s seventh Prime Minister in a decade, succeeding Starmer after two years in office following Labour’s election victory.
Last modified: July 20, 2026
