Welcome back to the City AM liveblog. It’s Monday and all eyes are on 10 Downing Street. Sir Keir Starmer will visit King Charles to formally resign as Prime Minister. Andy Burnham will then officially become his successor and deliver his first speech as Prime Minister. The market, which has
Felix Armstrong
Monday 20 July 2026 6:31 am | Updated: Monday 20 July 2026 6:56 am
Welcome back to the City AM liveblog.
It’s Monday and all eyes are on 10 Downing Street. Sir Keir Starmer will visit King Charles to formally resign as Prime Minister. Andy Burnham will then officially become his successor and deliver his first speech as Prime Minister.
The market, which has long been trying to size up what a Burnham premiership will mean for the City, will get its answers today when the new Prime Minister appoints his cabinet.
Burnham has yet to announce any positions – and indeed was insisting as recently as this weekend that he was yet to decide himself on who will be sitting at his top table.
But, if briefings are to be believed, current home secretary Shabana Mahmood is likely to become Chancellor and current chief whip Jonathan Reynolds will be named business secretary. His beefed-up department is expected to include the tech and science briefs.
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City leaders will have spent the weekend trying to get their measure of Mahmood. Though she is an unknown to business, she is seen as a respectable pick and is a far cry from the potential Ed Miliband chancellorship which had got many in the Square Mile hot and bothered.
Further afield, the markets will respond to the latest hotting up of tensions between the US and Iran. The death of an American service member – the third in recent days to be killed in action – will spark fresh fears of further escalation in the Middle East.
Washington had already threatened to “swiftly punish” Iran for military casualties. The prospect of free-flowing traffic through the Strait of Hormuz feels as far away as it has in weeks. This is likely to boost the FTSE 100’s oil giants but could be a drag on the wider index.
We’ll be bringing you the latest market updates and analysis.
The weekend’s top stories: Read more City investors raise alarm on Burnham’s Chancellor pick
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