Starmer struggles to hold on as UK Prime Minister amid calls for resignation – Bloomberg
Kyiv • UNN
The British bond market has collapsed following calls for Starmer's resignation. Already, one-fifth of the Labour parliamentary group supports a change in government leadership.
British Prime Minister Keir Starmer is struggling to hold onto power amid growing calls for his resignation following the Labour Party's disastrous local election results. This was reported by Bloomberg, according to UNN.
Pressure on Starmer grows within the Labour Party
According to the agency, during a closed-door cabinet meeting at Downing Street, Starmer attempted to stem the tide of calls for his resignation.
Bloomberg sources reported that the Prime Minister asked ministers to discuss his future on an individual basis rather than at the general Cabinet table.
In parallel, Starmer released a statement calling attempts to force him out a "destabilization" for the country.
"The country expects us to get on with the job of governing. That is exactly what I am doing, and that is what we must do as a government," Starmer stated.
Government and party doubt his future
Bloomberg writes that at least two ministers—Energy Secretary Ed Miliband and Justice Secretary Shabana Mahmood—have already called on Starmer to set out a timetable for handing over power to a new leader.
According to the agency, the number of Labour MPs supporting his resignation has exceeded the symbolic threshold of 81 parliamentarians—one-fifth of the parliamentary party.
The party is also discussing potential successors to Starmer. Among those mentioned are Health Secretary Wes Streeting and Mayor of Greater Manchester Andy Burnham.
Political crisis hits the markets
Amid the political instability, the British bond market slumped sharply. The yield on 30-year UK government bonds temporarily rose to 5.81%—the highest level since 1998.
The pound sterling also fell by 0.7% to $1.3517.
Starmer retains support from part of the government for now
Despite the pressure, some ministers continue to publicly support the Prime Minister. In particular, Chancellor of the Duchy of Lancaster Pat McFadden stated that Starmer "must get on with the job."
Technology Secretary Liz Kendall emphasized that no one has yet issued a formal challenge to the party leader.