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In the run up the General Election, we launched the Lowdown to help clients make sense of political change as it happens. This week, it came back – and the timing could not be more appropriate.

Keir Starmer has resigned. Andy Burnham is on his way to Number 10. The transition is moving quickly. James Purnell is already in place as chief of staff. Access talks with the Cabinet Office are under way. A set-piece economic speech is being prepared. The chancellor is the call that still has to come.

Kevin’s first Lowdown of the transition series set out what matters and what does not. The parlour game in Westminster is the Cabinet — who gets what. Kevin’s view: the names are the wrong question. What matters is the test Burnham will apply. On the Treasury, that test is simple: whoever holds it has to know business and markets, and has to treat financial stability as the only basis for change. Stability first, then reform. The markets agree. Ten-year gilt yields near their lowest since April, through a change of Prime Minister. That is not luck.