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What recent challenges is UK Prime Minister Keir Starmer facing?
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News when you want it with Bloomberg News Now. I'm Anna Edwards. And I'm Stephen Carroll. The UK Prime Minister Keir Starmer appears to have won a reprieve from a potential leadership challenge with all members of his cabinet backing him to stay on.
The public endorsement of Starmer comes after a second top advisor resigned and the leader of the Labour Party in Scotland, Anna Sarwar, called for the Prime Minister to go.
The situation in Downing Street is not good enough. There have been too many mistakes. They promised they were going to be different, but too much has happened.
However, Sarwar's push for Starmer's removal was met with a wall of support for the Prime Minister as Labour politicians came to his defence. And perhaps most notably, key potential leadership challengers, including the likes of former Deputy Prime Minister Angela Rayner and Health Secretary Wes Streeting, opted to back Starmer.
Let's give Keir, like, just give Keir that chance. Let him set out how he's going to lead us forward.
The near-unanimous public support from Streeting and others gives Starmer more time in the top job. But his record low polling and upcoming local elections are adding to a growing sense of crisis in Downing Street.
Shares in BP are down 5.7% after it announced it's halting share buybacks and raising its target for cost cuts. This is pressure mounts on the UK energy giant to deliver on its turnaround efforts. The company says it's now planning to make $1.5 billion worth of savings by the end of next year. The news comes as the oil major reported a just-at-net income of $1.54 billion for the fourth quarter.
In line with estimates, Woodside Energy CEO Meg O'Neill will take over at the top of BP in April, with shareholders expecting her to accelerate a shift away from clean energy projects.
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