A string of Labour MPs and leaders are criticizing the PM in the aftermath of disastrous local elections, raising the prospect of a leadership challenge. The left-leaning candidates are promising a more progressive stance on matters like higher taxes, more handouts, and nationalizations, which could increase market volatility and lead to a potential snap election.
Markets are braced for Labour to lurch dramatically to the Left as Keir Starmer struggles to save himself today. Jitters have been sparked after Angela Rayner formed an alliance with Manchester mayor Andy Burnham - and laid out a manifesto of higher tax, more handouts and nationalisations.
Interest rates on 10-year gilts, one of the main ways the Government borrows money, ticked up this morning. Rivals for No10 are circling as the PM's grip on power weakens, with dozens of MPs openly calling for him to go following disastrous local elections. He could face a challenge from a 'stalking horse' leadership candidate as soon as today, if a 'vision' speech at 10am fails to calm the mutiny.
Sir Keir will try to appease the Labour rank-and-file by promising to go further in unwinding Brexit. However, he is not thought to be making big policy announcements, and expectations are low after a slew of abortive 'reset' efforts. Desperate allies have been warning backbenchers that there could be a snap general election if he is ousted.
Ms Rayner acted last night amid worries on the Left that Blairite Wes Streeting is in pole position to take over from Sir Keir if there is an immediate contest
Labour Keir Starmer Angela Rayner Andy Burnham Local Elections Leadership Election Nationalization Nationalization Of Energy Building And Capital Industries
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