Labour's third-place by-election finish in Gorton raises UK political risk for markets.

Hannah Spencer, a plumber and councillor, won the seat with 14,980 votes, a majority of 4,402. Labour finished third behind Reform UK, a result that will intensify pressure on Starmer's leadership.

The swing from Labour to the Greens was 27.5%. Reform UK's candidate received 10,578 votes, while Labour's candidate garnered 9,364 votes, a substantial drop from previous election results.

The Conservative and Liberal Democrat candidates received significantly fewer votes. The outcome is seen as undermining Labour's position as the sole alternative to Reform UK and will likely renew speculation about Starmer's future as leader.