(https://www.cnbc.com/2026/06/03/andy-burnham-keir-starmer-gilts-bond-market-pound-gbp.html) as analysts warn that political ambitions could expose hidden fiscal vulnerabilities. The pound and gilt market have been treating UK stability as a given — they're wrong. When fiscal risk gets priced in, it happens fast and violently. Sterling weakness feeds into energy and commodity import costs, which hits European consumer staples hard.