Andy Burnham wins the Makerfield by-election, returning him to Parliament and setting up a leadership challenge against U.K. Prime Minister Keir Starmer. In geopolitics, U.S.-Iran talks today are called off after U.S. Vice President JD Vance cancels his trip to Switzerland, as the administration hits back at criticism of the deal from both sides of the aisle. Meanwhile, OPEC welcomes an interim agreement between the U.S. and Iran, pushing back on forecasts of a supply glut following the conflict. Secretary General Haitham Al Ghais tells CNBC exclusively that OPEC still has the power to manage the market.<br>See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Andy Burnham wins Makerfield by-election

Squawk Box Europe Express

# Full Transcript

**Podcast:** Squawk Box Europe Express

## Participants

- **Steve Sedgwick** (CNBC)
- **Ben Boulos** (CNBC)
- **Karen** (VivaTech Paris)
- **Ritika Gupta** (None)
- **Matthew Ryan** (Ebury)

## Transcript

The CNBC app, global market news in one place. Customizable sections and personalized alerts, stocks tracking, interactive charts and market insights all in your hands. Stay connected, stay informed. Download the CNBC app today. A very warm welcome to this Friday edition of Squawk Box Europe with myself, Steve Sedgwick. We've got Ben Boulos and Karen, of course, live at VivaTech in Paris. These are your headlines.

Andy Burnham wins the Makerfield by-election, returning him to Parliament and setting up a leadership challenge against the Prime Minister, Keir Starmer. There will be no second chance, but it is a chance now, from this result tonight, to build a new politics based on unity and hope. US-Iran talks today are called off after Vice President J.D. Vance cancels his trip to Switzerland

as the administration hits back at criticism of the deal from both sides of the aisle. If the Iranians don't change their behavior, their military and their nuclear program is still destroyed. If they do change their behavior, then they are going to have a transformative relationship with the Middle East. That's a win for the American people and for the President of the United States.

OPEC welcomes an interim agreement between the US and Iran, pushing back on forecasts of a supply glut following the conflict. The Secretary General telling CNBC that OPEC still has the power to manage the market. We are unified and our death certificate has been written many times before and we have emerged stronger than before. And we will emerge strong and continue to be strong.

Not often I say this, but wow, wow, what an evening we had. A day in UK politics yesterday and we haven't even got to the main event. This is just the hors d'oeuvre. I mean, Andy Burnham absolutely gave a drubbing to reform and restore as well. The Tories weren't in it. The Liberal Democrats weren't in it. And I find this absolutely fascinating. The charisma of the man, right? He's built that up over the years. It meant that he got 55% of the vote.

That is unheard of considering that reform and restore were supposed to be together quite a force for change from the right wing. But they only got 18,000 votes between them. He got nearly 25,000. And the Tories won in Scotland and South Aberdeen. I don't want to diminish that as well. So lots going on for all the major parties. I'll fill in the gaps. Labour's Andy Burnham will once again be an MP, setting the stage for a showdown with his Prime Minister in the same party, Sir Keir Starmer for No. 10 Downing Street.

Burnham emerged victorious in a by-election in Makerfield in North West England. Speaking after his victory, Burnham issued a warning for the Labour Party. We must hear it. We must act upon it. And we must get it right...

Andy Burnham wins Makerfield by-election

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Andy Burnham wins Makerfield by-election

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.