The FT is reporting that Shabana Mahmood is set to become Britain's next Chancellor of ExchequerShabana Mahmood is viewed as a fiscally disciplined, centrist Labour politician who is expected to prioritize responsible public finances, stable economic policy, and maintaining investor confidence. Compared with Labour's left wing, she is generally seen as more business-friendly and pragmatic, favoring measured government spending while supporting investment in infrastructure and public services. Investors have largely welcomed the prospect of her leading the Treasury, viewing her as more likely to emphasize fiscal restraint, policy stability, and predictable decision-making. That perception has been supportive for UK government bonds and the pound, as markets see her appointment as reducing the risk of a significant shift toward more expansionary fiscal policies.Keir Starmer delivered his final Prime Minister's Questions today and will formally step down next Monday, when Andy Burnham is expected to take office after becoming Labour leader unopposed. Burnham, the former Mayor of Greater Manchester, secured overwhelming backing from Labour MPs, making him the uncontested successor to Starmer. His first Cabinet appointments, including Shabana Mahmood as Chancellor of the Exchequer, are part of his effort to signal a more centrist, fiscally disciplined government.The Guardian is reporting that Burnham appears to be playing down prospect of a wealth tax for now, but does not rule it out in the future. The GBPUSD is breaking to the upside and testing the next target near 1.34854. Get above that level and the swing high from May 25/26 comes in at 1.35089. This article was written by Greg Michalowski at investinglive.com.