UK PM Starmer reportedly tells Cabinet that he will not be setting out a timetable for departure
Full quote:
- "As I said yesterday, I take responsibility for these election results and I take responsibility for delivering the change we promised.“The past 48 hours have been destabilising for government and that has a real economic cost for our country and for families.“The Labour Party has a process for challenging a leader and that has not been triggered.“The country expects us to get on with governing. That is what I am doing and what we must do as a Cabinet."
Context
This statement from UK PM Starmer suggests a commitment to stability amidst political turmoil, avoiding any timetable for his departure, which may alleviate some immediate concerns regarding governance in the UK. The implication for markets is significant; a stable government is generally perceived as favorable for GBP and risk assets, while uncertainty often leads to volatility in forex and bond markets. However, buyers should remain cautious about longer-term implications if political challenges persist.
Trade the TapeGet this analysis live, the moment it breaksNewsquawk's real-time dashboard delivers market-moving headlines and instant context to your desk before the rest of the market reacts.
Open Dashboard#UNITED STATES#USD#JAPAN#GBP#EUROPE#GBP/USD#IMPORTANT#FOREX#FIXED INCOME#EQUITIES#METALS#EU SESSION#GILTS#METALS & MINING#FTSE 100 INDEX#DXY#GLOBAL NEWS