Andy Burnham, the leading candidate to replace Keir Starmer as UK prime minister, has indicated that calling a general election is not an immediate priority.
The Greater Manchester mayor, who has formally entered the race to lead the Labour Party, told reporters on Monday that there are "many steps ahead" before such a decision could be considered.
Burnham’s comments come shortly after Starmer announced his resignation earlier in the day.
The former prime minister has stated he will remain in a caretaker capacity until the Labour Party selects a new leader.
Market participants are closely monitoring the transition, as prolonged political uncertainty can weigh on investor sentiment and delay policy implementation.
The leadership contest within the ruling Labour Party is expected to dominate the political agenda in the coming weeks.