Sterling and gilts weakened on Monday as the leadership crisis threatening Sir Keir Starmer rattled investors fearful of a shift to the left.
The pound fell 0.5 per cent against the euro to €1.146, extending its worst month against the single currency since September, and also slipped versus the dollar.
UK borrowing costs climbed, with the 10-year yield rising 0.03 percentage points to 4.55 per cent, underperforming other European bond markets, as traders braced themselves for more turmoil following the resignation on Sunday of Morgan McSweeney, the prime minister’s most trusted aide.
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