The City of London expresses concern over Labour's Rachel Reeves' potential departure, citing her City-friendly policies. Concurrently, the Bank of England warns that an AI crash, driven by the sector's S&P 500 dominance, could trigger a UK recession, while fears grow over a potentially more left-leaning future UK chancellor.
Nigel Farage resigns as MP for Clacton, citing establishment "foul means" after undeclared donations. He will seek re-election in a by-election, framing it as "people versus the establishment". Rival parties refuse to stand, calling it a "stunt".
Nigel Farage resigns as MP for Clacton, triggering a by-election, to face judgment from constituents over undeclared funding. He claims the "establishment" is using "foul means" against him following revelations of a £5m gift and undeclared staffing/security funding.
Andy Burnham's political philosophy, 'Manchesterism,' emphasizes deindustrialization, social housing, and public control of essential services. This approach, drawing parallels to The Smiths' song 'London,' contrasts with past Labour leadership bids and positions him as an outsider with concrete ideas.
Rolling coverage of the latest economic and financial newsStarmer on the brink as cabinet ministers urge him to quitGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Another UK political crisis is looming over the City of London today, as prime minister Sir Keir Starmer faces more calls to set out a timetable for his departure.With a Cabinet meeting expected this morning, today could be a big day in determining Starmer’s future.In response to the uncertainty, 10-year UK gilt yields rose +8.6bps to 5.00% yesterday, whilst the 30-year yield rose +9.3bps to 5.67%, given expectations that a new Labour leader may face pressure to ease the fiscal rules and raise gilt issuance. Continue reading...
