The two clocks of Burnhamism: Markets on Monday, clients over a decade

The most revealing market fact of Andy Burnham's first day is what finally moved it. The big repricing happened in May, when Labour's local-election collapse opened Burnham's route to No 10 and ten-year gilt yields spiked to 5.137%; much of that premium was refunded last week as markets convinced themselves Shabana Mahmood had the Treasury sewn up - still 92% on Polymarket at 2pm on Monday. The Chancellor, announced after the close, is John Healey - Brown-era Treasury minister, former housing minister, and a defence secretary who resigned this June because the Treasury would not spend...