Starmer Faces Growing Pressure, Trump Berates Ceasefire, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
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The Chief Secretary to the UK's Prime Minister says Keir Starmer will make a decision on his future as a growing number of junior government ministers and backbench MPs are calling on him to quit. Darren Jones told Times Radio that Keir Starmer is listening to colleagues ahead of a key cabinet meeting later this morning. Bloomberg understands cabinet ministers, including Home Secretary Shabana Mahmood, have privately told Starmer to set out a timetable to step down. The meeting came after the Prime Minister defended his party's poor local election results.
Yes, I acknowledge the results are tough. Yes, I acknowledge that we've lost brilliant representatives across the United Kingdom. And I have a responsibility for that. But I also have a responsibility to deliver the change that we were elected and that we promised this country. And I'll deliver on that.
Kiyosama's speech was billed as a change of direction but instead prompted waves of lawmakers to publicly urge him to go. More than 70 of Labour's 403 MPs have now called on Starmer to step aside. Chris Curtis is one of them.
I don't think we saw a plan from the Prime Minister in order to implement the kind of change that this country needs. And I therefore think it's time for us to look for new leadership. And I think what that means is the Prime Minister rightly now setting out a timetable and an orderly process for a leadership election and one in which Labour has a discussion about the vision for the country and what changes we think are needed in order to face the very real challenges that Britain currently faces.
Labour MP and head of the Labour Growth Group in Parliament, Chris Curtis, there. The Prime Minister is chairing a Cabinet meeting this morning where he will have to confront some senior ministers who privately think his time is up.
Fears over the future of the UK's Prime Minister feeding into Britain's bond market. Guilt yields have opened sharply higher again this morning after being swept up in another sell-off yesterday. Investors growing increasingly anxious about the country's finances today. They appear to be concerned that a change of Prime Minister could bring in a left-leaning candidate whose spending plans would require increased bond issuance. Despite yields being close to their highest level since 2008, James Stringer of Schroders is advising investors to steer clear of UK debt. The bond fund manager says that even 10-year yields, around 5%, are still not enough compensation to justify resuming the firm's previously bullish stance
On gilts, the 10-year gilt yield, eight basis points higher at the open at 5.08%.
Oil prices are climbing after President Trump cast doubt on the fragile US-Iran ceasefire. Brent crude rose above $105 a barrel as fears grow that the Strait of Hormuz could remain closed for longer than markets had hoped. Speaking in the Oval Office, Trump dismissed Tehran's latest proposal.
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