UK's Starmer weighs 'political realities' after Burnham by-election setback
A UK cabinet minister told BBC that it would be "delusional" to deny the threat to Prime Minister Keir Starmer's position after the Burnham by-election. The same minister said he had no information suggesting Starmer might quit. Sterling weakened 0.4 percent ahead of Monday's market open.
In an interview reported by Deutsche Welle, the cabinet minister told the BBC that denying the threat to the prime minister's position after the Burnham by-election result would be "delusional". The same minister added that he had no concrete information suggesting Starmer would quit on Monday. The Daily Telegraph's weekend edition had splashed claims that Starmer could resign on Monday.
Reform UK's surprise by-election win in Burnham, traditionally a Labour stronghold, has triggered internal party debate. There is talk that Manchester Mayor Andy Burnham could mount a leadership challenge before the 2027 general election. Goldman Sachs in a client note said any leadership change would force a reassessment of the cost-of-living and budget framework.
Financial markets have begun to react: sterling weakened 0.4 percent against the dollar, 10-year Gilt yields rose 8 basis points. FTSE 100 futures slipped 0.6 percent. One-month sterling options volatility jumped to a one-month high.
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