British Prime Minister Keir Starmer announces resignation ⁰

Britain’s Keir Starmer on Monday announced his resignation as prime minister and as leader of the governing Labour Party. Starmer says he will remain caretaker prime minister until a new Labour leader is chosen in the next few weeks.

The British pound and the London stock market firmed, and the UK’s benchmark 10-year bond dipped, after Britain’s embattled Prime Minister Keir Starmer announced his widely expected resignation, with the country appearing set for an orderly transition to a new leader.

Starmer’s departure could mean a change of finance minister and increased public spending, a prospect that has alarmed investors concerned about the country’s debt levels.

Rachel Reeves has been finance minister since Labour returned to power nearly two years ago, having overseen some controversial choices regarding state spending and taxes that contributed to Starmer’s demise

Andy Burnham, frontrunner to replace Keir Starmer as Labour leader and PM calls for a “positive process of renewal for our party and our country.”

EU says ‘reassessing’ July summit plan with UK after Starmer resignation

The EU said it was “reassessing” with Britain plans for a summit on post-Brexit ties on July 22 after UK Prime Minister Keir Starmer’s resignation.

European Commission spokeswoman Paula Pinho said Brussels and London were looking into “the opportunity of still holding the summit … and we will take it from here”.