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Prime Minister resignation deepens political crisis, but sterling was broadly steady; no clear directional signal for GBP or USD.
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British Prime Minister Keir Starmer resigned on Monday, deepening a political crisis and setting the stage for the UK's seventh leader in ten years. Starmer will remain in post until a new Labour Party leader is selected, with Andy Burnham seen as the overwhelming favourite to succeed him as both party leader and prime minister. UK stocks slipped on the news, while sterling and gilt yields were broadly steady. The leadership transition comes a decade after the Brexit referendum, with sterling still 10% lower against the dollar and 15% weaker against the euro compared with pre-vote levels.
Prime Minister resignation deepens political crisis, but sterling was broadly steady; no clear directional signal for GBP or USD.