Starmer Losing Grip, Iran Ceasefire on 'Life Support', 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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A growing number of junior government ministers and backbench MPs are calling on Keir Starmer to quit as momentum builds against the British Prime Minister. 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.
Keir Starmer'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.
Well, fears over the future of the UK Prime Minister are already feeding through into Britain's bond market. UK gilts were swept up in another sell-off yesterday as investors grew increasingly anxious about the country's finances. 30-year gilts rising almost 11 basis points to 5.69%. Investors appear concerned that a change of Prime Minister could bring 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 with 10-year yields around 5%, they are still not enough compensation to justify resuming the firm's previously bullish stance on gilts.
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.
It's unbelievably weak, I would say. I would call it the weakest right now after reading that piece of garbage they sent us. I didn't even finish reading it. I said, I'm not going to waste my time reading it.
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