UK's Starmer Tries to Shut Down Labour Rebellion

Summary

UK Prime Minister Keir Starmer faces a growing rebellion within the Labour Party after poor local election results. A cabinet meeting ended with a show of support from a handful of allies, but dozens of MPs are calling for his departure. The market is seen as supportive of Starmer due to fiscal discipline concerns, and the possibility of Chancellor Rachel Reeves staying could provide stability.

• Starmer insists he won't resign after poor election results.
• At least 80 Labour MPs have called for Starmer's departure.
• One junior minister has resigned amid the rebellion.
• Market sentiment appears behind Starmer to avoid fiscal laxity.
• Chancellor Rachel Reeves may stay if Starmer leaves, offering continuity.
• The threat to Labour comes from both Reform UK and the Greens.