Keir Starmer has announced his resignation as PM and leader of the Labour Party.

He said every decision he has made in office has been about "putting the country I love first".

Andy Burnham - who could replace the PM - will be in Westminster today to be sworn in as MP for Makerfield, after winning the by-election last week.

Richard Carter, head of fixed interest research at Quilter Cheviot, said: “Last week’s borrowing figures highlight just how messy this inheritance will be, and as such, there is unlikely to be any immediate silver bullet to the UK’s economic woes.

“Without that new mandate, there is likely to be more tinkering with personal taxation around the edges and as such that will weigh on growth. Gilt yields have crept up in recent days as the political picture resolves itself. With UK still at a yield premium to developed market peers, investors and markets will want to see a credible economic plan that can help ignite growth and put the public finances back onto surer footing.”

Charlotte Kennedy, chartered financial planner at Rathbones, added: “While our personal finances cannot be disentangled from what happens in Westminster, knee-jerk reactions based on speculation are likely to do more harm than good. History suggests that political drama often moves faster than economic reality. Policies can take months to emerge and years to have a meaningful effect on household finances, which is why reacting to every twist and turn in Westminster rarely proves a successful financial strategy.

“Whatever the direction of travel from the new administration, it remains good practice to make full use of tax-efficient wrappers such as ISAs and pensions, maintain a diversified investment strategy, and focus on the fundamentals that remain within our control. Governments come and go, but the principles of good financial planning remain remarkably constant.”

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