Starmer admits election failure but refuses to step aside
Keir Starmer, the Prime Minister of the UK (photo: Getty Images)
British Prime Minister Keir Starmer has stated that he will not leave his post, despite the Labor Party's crushing defeat in local elections and growing internal party pressure. Immediately after his speech, British government bonds fell, and new voices within the party called for him to resign, according to the Financial Times.
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Market does not believe
The yield on 10-year British government bonds rose by 0.06 percentage points — climbing above 5%. The yield on 30-year bonds, which are more sensitive to political instability, rose by 0.10 points to 5.67%. British bonds underperformed compared to other European markets.
What Starmer said
In a key speech, the prime minister admitted that some people are disappointed in him, took responsibility for the election results, but stated that he would fight for his post even in the event of an internal party vote.
He stressed he will not resign.
Reaction within the party
MP Catherine West, who had threatened to challenge Starmer immediately, backed away from that plan but announced she would collect signatures among Labor MPs demanding a deadline for a new leadership election in September. The head of the influential Growth Group, Chris Curtis, also called on the prime minister to resign.
Culture Secretary Lisa Nandy supported the return of Manchester Mayor Andy Burnham to Westminster. There are rumors around Health Secretary Wes Streeting about a possible challenge to Starmer – his allies deny this.
For reference, it was previously reported that British Prime Minister Keir Starmer is preparing for a key speech that could determine his political future. The trigger was the Labor Party's crushing defeat in local elections, including the historic loss of control in the Welsh Parliament.
Bookmakers estimate the probability of Starmer's resignation by the end of the year at 70%. Several potential rivals within the party are already preparing for a leadership contest.
Meanwhile, in the UK, military medics have parachuted for the first time in history onto the remote island of Tristan da Cunha in the Atlantic Ocean. The reason was suspicion that a local Briton had contracted the dangerous hantavirus.
