U.K. Prime Minister Andy Burnham suggested this week that British voters could be given the chance to reverse Brexit, the country’s highly contentious departure from the European Union a decade ago.

Burnham, who became prime minister over the summer, told the BBC on Wednesday it was “possible” a referendum on rejoining the EU could be included in a future election manifesto.

A U.K. general election is not currently expected before 2029. Prime ministers are able to trigger an early snap election with the backing of parliament, but Burnham — who replaced predecessor Keir Starmer without a public vote — has ruled out such a move.

In his interview with the BBC, the prime minister said a referendum “wouldn’t be the right thing to do right now,” but added that the U.K. must “consider the options” for its relationship with the EU, arguing that “where we are isn’t good enough.”

Asked whether an in-out referendum in a future election manifesto was a possibility, Burnham said: “yes, things are possible.”

During the previous general election — which saw Starmer lead the governing Labour party to a landslide victory and end 14 years of Conservative rule — Burnham was serving as Mayor of Manchester. As he prepared to challenge Starmer’s leadership, Burnham pledged not to “re-run” arguments over Brexit.

In a separate interview with the BBC’s Today program, Burnham said he wanted to “look at the options” for resetting U.K.-EU relations.

“We could stay as we are. That’s definitely an option, if people think this is the right place to stay,” he said, when asked if he wanted Britain to rejoin the union. “We could look at what [former finance minister] George Osborne has said about a customs union, we could look at… the single market or we could go all the way.”

The interviews came after Burnham’s speech at the governing Labour party’s annual conference on Tuesday, in which he said “Brexit hasn’t given us control.”

The 2016 Brexit campaign promised to “take back control” of immigration, free up more money for the country’s health service, and forge trade deals with the rest of the world.

While the value of U.K. goods and services exports has grown significantly in the last decade, according to government figures, immigration and NHS funding pressures are more contentious than ever.

“Later this year, there will be a U.K.-EU summit,” Burnham said at the conference on Tuesday.

“We will not give Britain the clear path we need into the rest of the century until we decide on a long-term relationship with what is still our largest market. I cannot say to you truthfully that where we are is good enough. Brexit has done more harm than good [and] we need to restore a higher level of growth and prosperity for Britain.”

A decade of Brexit

On June 23, 2016, Britons headed to the polls to vote on whether to stay in the European Union. A shock result emerged that night: the electorate had voted to leave the bloc by 52% to 48%.

As the result sank in, the British pound tanked, and London’s FTSE 100 tumbled. Then-Prime Minister David Cameron — who had called the referendum and led the campaign for the Remain vote — resigned.

Britain did not officially leave the EU until 2020. In the interim years, the country’s looming exit from the bloc remained a contentious issue, with so-called “Remainers” staging huge protests against the decision and some political parties putting a reversal of the vote at the heart of their election campaigns.

The U.K. economy has largely failed to experience a post-Brexit boost after upending ties with its largest trading partner, and sterling never returned to its pre-referendum level. The country has also seen a quick succession of prime ministers, with some of the past decade’s seven leaders ousted over the way they handled Brexit and the post-referendum economy.

James Smith, developed markets economist at ING, told CNBC that while Burnham’s statement is politically significant, unlocking tangible economic upside relies on concrete changes to the trading relationship, which could take years.

“Though the PM has opened the door to full EU membership, the reality is that he faces the same constraints that have hemmed in previous leaders,” he said in an email. “The public may agree that Brexit hasn’t gone well, but it’s not clear there is a majority in favor of rejoining. It’s also not at all clear how willing the EU will be to give ground in negotiations, given the recent volatility of U.K. politics and the possibility of a Reform-led government in the future.”

Smith noted that it had taken more than five years to go from referendum to new economic relationship with the EU.

“I suspect it will take much longer for Britain to settle on and implement a new form of relationship now that [Brexit] has dropped down the list of political priorities among voters,” he said.

Steve Nolan, a senior lecturer in economics at Britain’s Liverpool John Moores University, told CNBC on Thursday that some estimates suggest U.K. gross domestic product was 5% to 8% smaller than it would have been without the vote to leave the EU.

“This hasn’t been a surprise to economists — standard models in trade say that if you put up barriers to trade with your nearest trading partner then this will cause problems,” he said. “So there are definite benefits to be reaped by rejoining, but the road towards that outcome could be rocky.”

Any new referendum would increase uncertainty and turmoil, he added.

“The U.K. would also be asking to be let back into the club from a weakened bargaining position and may have to accept many conditions — [such as] euro membership and free movement of labor — that may cause economic and political difficulties. So, there are opportunities to grabbed, but they won’t come without a cost.”

However, Nigel Green, CEO of London-based financial consultancy DeVere Group, said that while closer ties with Europe would make Britain richer, it would also make it easier for capital to leave the country.

“Sterling stands to gain from a steadier relationship with the U.K.’s biggest trading partner, and U.K.-focused equities, priced at a discount for a decade, could start to close the gap,” he said.

But he cautioned that “an open door works both ways,” with entrepreneurs, and senior professionals increasingly telling deVere they were considering leaving the U.K. to avoid the high tax burden.

“The EU reset needs a domestic twin: competitive taxes, faster planning and policy stability that lets businesses look beyond the next Budget,” he said. “Get both right and the U.K. becomes a magnet for capital in Europe. Get only one right and Britain becomes a more convenient place to leave.”

South Korean President Lee Jae Myung on Friday criticized Ukraine after its announcement that North Korean prisoners of war were handed over to Seoul, insisting on a public apology and warning of “further actions” against Kyiv.

In a post on X, Lee stated that Kyiv disclosed the transfer of certain captured North Korean soldiers unilaterally, despite requesting confidentiality and later asserting no secrecy pact existed, which made the Korean leader appear as a “liar.”

“As this is a matter concerning the honor of the Republic of Korea’s people and nation, we cannot overlook it,” he said in Korean, translated by Google.

Ukrainian Foreign Minister Andrii Sybiha reportedly characterized the dispute on Thursday as a “diplomatic misunderstanding,” which his nation expects to resolve. Seoul remains a significant partner for Kyiv, Sybiha added.

Alleged Secrecy Pact

During the United Nations General Assembly last week, Ukrainian President Volodymyr Zelenskyy stated that Kyiv had delivered two captured North Korean soldiers to South Korea.

This prompted South Korea to accuse Ukraine of violating a nondisclosure agreement regarding the transfer and to summon Ukraine’s chargé d’affaires for clarification. Seoul also noted that Ukraine requested the transfer remain confidential, as it could adversely affect prisoner exchanges with Russia.

“When we demanded acknowledgement of the agreement and an apology, they instead spoke of an imminent military clash between North and South, praying for the outbreak of war on the Korean Peninsula—we express grave regret toward Ukraine,” Lee said on Friday.

The remarks follow an interview with Ukrainian presidential chief of staff Kyrylo Budanov last week, in which he claimed North Korea’s involvement in the Ukraine-Russia conflict was intended to prepare for combat on the Korean Peninsula.

“The situation is escalating every day. And it is only a matter of time before a trigger event occurs that will lead to uncontrolled consequences,” he added, according to a Google translation of his Telegram post in Ukrainian.

While Kyiv has offered no explanation for why Zelenskyy made the announcement at the UNGA, South Korea’s National Intelligence Service reportedly informed lawmakers he may have done so to rally support in Seoul for supplying Kyiv with weapons and other aid.

In August, Zelenskyy asked South Korea to back Ukraine by providing air defense systems, something Seoul has not supported even as it has offered humanitarian aid to Ukraine.

September was a bumpy ride for stocks and bonds, but strategies using options can help investors generate a little more portfolio income. Last month, the S & P 500 slipped 0.5% as higher oil prices, rising Treasury yields and fear of more Federal Reserve rate hikes weighed on the market. In September, the 10-year Treasury yield also spiked to levels not seen in 19 years, while the 30-year yield topped 5.6%, the highest since 2002. An options strategy is no replacement for holding income-generating assets like bonds and dividend-paying stocks, but it can complement an already diversified portfolio. “We’re hearing people are uneasy about the stock market,” said Ashton Lawrence, certified financial planner and director at Mariner Wealth Advisors in Greenville, South Carolina. “We’re taking your current portfolio and trying to use options to generate additional cash flow, establish positions more deliberately and put some guardrails around risk,” he added. Covered calls For individuals seeking additional income, covered calls can be the ticket. “The initial way that people start implementing income strategies is with covered calls,” said Joe Mazzola, head trading strategist at Charles Schwab. A call option gives the holder the right to buy shares at a specified price by a certain date. With a covered call, the investor already owns the stock and sells a call option against it. If the stock stays below the strike price, the call option won’t be exercised and the investor gets to keep the premium – but that individual must be ready to part with the shares if the stock hits the strike price. “You could write some covered calls on stocks you already own, stocks in AI-tangential sectors that have appreciated greatly in the last couple of years,” said Mazzola. “You might be sitting in a range where you haven’t seen that upside push lately, and you could sell out-of-the-money calls to augment those returns.” There’s a catch for investors: If the stock rises to the strike price and goes on a tear, the investor will miss out on that upside potential. Cash-secured puts For investors who want to earn a little money while waiting to buy an ETF or a stock they’ve had their eye on, a cash-secured put might be the way to move. “I’m surprised to see the number of people who have a lot of money sitting in cash and in money markets,” said Lawrence. “It speaks to people’s uneasiness about getting into the market. Here’s how we can get paid to wait for that lower price point.” A put option is the right to sell a stock at a specified price by a set date. With a cash-secured put, the investor sells the put to another party and pockets the premium – but he must have cash set aside to buy the shares in the event the stock reaches the strike price. The stock you’re writing the put option against should be one that you’re happy to own, even in a rocky patch. “The key with the cash-secured put is to make sure this is a stock you want to own at that price,” said Mazzola. “You might get tested at that expiration cycle.” The risk for the investor is that the stock experiences a sharp drop – one that takes it well below the strike price. There’s also the possibility that if the stock rises but never slides below the strike price, you keep the premium but not the opportunity to buy the shares. Know what you own In the best of scenarios, options can help boost a portfolio’s performance, but there is an element of risk. “There are a variety of ways to generate income, and using options contracts you pick up some additional risk,” said Lawrence. “If you’re trying to do it yourself, understand what you’re doing and why you’re doing it.” “I view them like fire: You can use fire to heat your home and be comfortable, but you can use that same fire to burn down that home and have nothing left,” he added.

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