UK PM Starmer resigns as Britain faces its seventh leader in 10 years
Keir Starmer said he will resign as U.K. prime minister and Labour leader, triggering a contest to choose his successor.
TL;DR
- U.K. Prime Minister Keir Starmer has announced his resignation as Labour leader and prime minister.
- The decision follows significant pressure from mounting losses in local elections and internal party rebellions.
- A contest to elect a new Labour leader and prime minister will now commence.
- Andy Burnham, former Greater Manchester mayor, has indicated he will seek the leadership.
- Starmer's resignation contributes to a period of political instability, marking Britain's seventh leader in ten years.
- The announcement had a minor impact on the pound, which fell against the dollar, while U.K. gilt yields remained flat.
- Economists express concern over the U.K.'s high borrowing costs and inflationary economy, noting the market will now assess a potential Burnham premiership.
- Recent polls indicated public support for Starmer's resignation.