Starmer Under Siege, Iran Ceasefire On ‘Life Support’, More
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News when you want it with Bloomberg News Now. I'm Stephen Carroll.
And I'm Caroline Hepker.
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.
What challenges is Keir Starmer facing as Prime Minister?
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.
Clare 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 publicly 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's 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. Investors appear 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 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, am I going to waste my time reading it? I would say it's one of the weakest right now. It's on life support. They understand. These are all medical people. Dr. Oz, life support is not a good thing. Do you agree? Diagnostic. I would say the ceasefire is on massive life support.
Trump's comments came after sources told Bloomberg that Iran's offer demanded the US lift its naval blockade and provide sanctions relief while allowing Tehran to retain a degree of control over traffic through the strait. According to Axios, citing multiple US officials, Trump met his national security team yesterday to discuss the war and possible resumption of military action. In a further sign of escalation, Iran's semi-official Tasnim news agency now says the country has deployed armed mini-submarines in the Persian Gulf.
The US has ramped up sanctions on the sale of Iranian oil to China just days ahead of President Trump's visit to the country. The US Treasury has blacklisted 12 firms and individuals, including some based in Hong Kong, the UAE and Oman. In a statement, the Treasury said that Iran is relying on front companies in permissive jurisdictions to funnel its oil revenue.
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