Andy Burnham becomes the UK new prime minister

This BBC podcast is supported by ads outside the UK. Aser does it. So, we'll now turn to your podcast. Start your free trial period on Shopify.com. long queues might be waiting for you when you land. Now when the leader of a country is elected, it is of course generally hoped that they'll be in charge for the whole of their term and tackle the challenges faced by its people. Today in the UK however, the fifth Prime Minister in just four years has taken charge. Well, that was the reception for the leader of the left-wing Labour Party and new Prime Minister Andy Burnham. Mr Burnham came into power after his predecessor Keir Starmer lost the confidence of the party and the public, forcing a leadership change after just two years in office. He takes charge against an economic backdrop of high borrowing costs, slow growth and cost of living challenges. Here's what he had to say. Britain needs to show the world that we can regain our stability once again. And that is our challenge to make politics work to make it work better I know people at home are fed up with politics I hear you and I want to be honest with you We have not been good enough and we need to be better Well, the new PM promised to build a new economy and spread more power around the country. His words made financial markets slightly nervous, though, nudging up the cost of UK government borrowing. Here's the BBC's political editor, Chris Mason, on that revolving door at number 10 Downing Street. There's no novelty value in recent years of these moments because we've seen them so frequently. So how does an incoming Prime Minister grab people's attention and hold it when people will think, well, I heard of Keir Starmer's 10-year plan and now I'm about to hear of Andy Burnham's 10-year plan. So how does he break the trend of Prime Ministers who arrive here and talk about the long term and they're out the door pretty much in short order? Well, that was Chris Mason there. Maybe Jane Sydenham, Investment Director at Rathbones Investment Management, has the answer. Now, Jane, we don't have any policy details yet, but how is this all being viewed outside of the UK? It's a very important question because sterling is quite a small currency, only makes up about 3% of world currencies. At the moment, the pound is pretty steady. So that tells you that there's no sort of international sort of panic about this on the one hand. And on the other hand, the borrowing costs, as you say, the 10 year government bond yield is now over 5%. So that's risen by quite a bit on a single day, actually. It's up just under 2%. So that shows you that there's a little bit of worry about could we lend money to the UK? Is it safe? That's how markets think about these things in these circumstances. And there will be international demands as well, indicating one of his first calls will be to President Donald Trump. Yes. I mean, he's got a pretty full inbox. I'm not sure I'd want to have it. And one of the things that's tricky, of course, is the relationship between the UK and the US has become a bit strained since Donald Trump introduced tariffs, a new approach to trade and business, a new approach to relationships over defence, particularly over the Gulf. So there's a lot of things to resolve with those international relations too. And we're talking about the backdrop of cost of living challenges. People are feeling that fuel prices are going up again due to oil prices. Where are we at now? So today, the oil price is sort of reasonably flat, but it's off. It's risen by about 22%. As we thought that the Gulf War was coming to an end the oil price fell sharply Since then it risen by 22 as the hostilities have resumed as the drone attacks have continued So, you know, people are worried. And briefly, it's pushed up the cost of jet fuel, which has hit Irish budget airline carriers Ryanair's bottom line as well. Yes, I mean, Ryanair is a really strong player in the airline industry. It's one of the best run businesses, been phenomenally successful. But their pre-tax profits for the recent period were down just over 30% because of uncertainty caused by the Iran war, just fewer bookings and worries about the cost of the rise in ticket prices because of fuel increases. Jane Sydenham, Investment Director at Rathbones, thank you very much. Now we're going to head to Russia, which is feeling the economic impact of its war with Ukraine after drone attacks destroyed warehouses belonging to the country's biggest online retailer. Wildberries, often described as the Russian equivalent of Amazon, suffered fires that destroyed the merchandise of thousands of sellers. My colleague Victoria Holland has been speaking to a Russian business owner who lost $15,000 worth of herbal tea stock in one night. Her words are being spoken by a member of our team. I didn't receive any messages or notifications. I found out about it through the news on TV and from a friend. I calculated the losses and found the total to be just over 1.2 million rubles. Everything burned down. Today Wildberries sent a message stating they are willing to compensate for part of the losses. I don't know how true that is, but we'll see. And do you know how much you're going to get back? No, I don't know anything, but I've already written off that money because I realize they are major monopolists. and they signed a new contract with us in early July. According to the contract, we aren't compensated for the values of the goods in the event of a drone attack or military action. So I accepted the loss right away, knowing there's nothing I could do about it. I see there are people who lost 15 million, 10 million or 5 million. So my loss isn't actually that huge by comparison. What will happen next to your business? Will you be able to survive or refill your storage? I'll be able to restock my shop for sure, but it will take time, and I probably won't stock such large quantities. I'll put a small amount of merchandise into the new warehouse. I don't have any other alternative source of steady income. Well, the Ukrainian President Zelensky said that the attacks had struck major logistics facilities used to supply sanctioned components for drone production and navigation equipment Chinese online retail platform AliExpress has been fined a record million for allowing the sale of illegal products, including unsafe toys and cosmetics. The European Commission found the company failed to remove them fast enough. AliExpress said the fine was disproportionate and did not reflect improvements it had made. Now, it's definitely not how you want to start your precious vacation, but millions of passengers are finding long queues waiting for them when they land in Europe. The EU's new border system has nearly tripled the time it's taking for non-Europeans to get through passport control, according to the boss of Rome's main airport. BBC transport correspondent is Katie Austin. The EU's digital entry-exit system links biometric information to the passports of non-EU citizens. It's meant to make the border more secure. Still, getting through the border is now slower. For Brits, it's gone from taking around seven minutes to 20, and some people told us it had taken much longer. It was two hours queuing, from getting off the plane to getting food with children. Probably about an hour. We actually missed our car, our driver, because we were over the time that they were going to wait for us. Yeah, it was one hour and twenty and we spent an hour. Such a get-throw. Back at Rome Airport, Chief Aviation Officer Ivan Basato said the system needs to get much better. Absolutely not okay with this level of waiting and we have to, together with the border police, we need to improve this situation. Airports and airlines want it to be made easier to suspend EES and for more countries to use an app so some of the process can be done before arriving. But the industry is nervous about how the system will cope with the busiest time of year upon us. Well, that was BBC Transport correspondent Katie Austin. The advice is also to leave extra time when you return home. And that's it from World Business Express with me, Sarah Rogers. Do subscribe to get the latest episode, though. Search for World Business Express. where Keir Starmer is out and Andy Burnham, until recently a regional mayor, is in. What's he going to do differently and what does the change mean for UK foreign policy? Search for the Global News Podcast wherever you get your BBC podcasts.