Keir Starmer, the prime minister and head of the ruling Labour Party, resigned. The most popular member of the party, Andy Burnham, announced he would run for prime minister and won the backing of a possible opponent.
In response to a mutiny within his Labour Party, British Prime Minister Keir Starmer resigned on Monday, opening the door for former Greater Manchester mayor Andy Burnham to take over as the nation's next leader.
Instead of fighting to keep the position he earned nearly two years ago, Mr. Starmer declared that he would stay as prime minister until a new party leader is chosen by September. With his choice, Britain will have its seventh prime minister in ten years, prolonging a period of political unrest that began when the nation decided to leave the European Union in 2016.
António Costa, the president of the European Council, stated at a press conference on Monday that Keir Starmer's departure will force a postponement of a July 22 summit between the United Kingdom and the European Union.
Starmer, Costa, and European Commission President Ursula von der Leyen were supposed to talk about new ways to strengthen cooperation between the EU and the UK, notably on issues like food and energy. "We must definitely postpone it now, but my hope is that his successor could provide continuity on this positive path to reset our relationship with the United Kingdom," Mr. Costa stated.
Olivia O'Sullivan, an analyst at the British think tank Chatham House, stated that Mr. Starmer's seeming stability had contributed to his attractiveness on the global scene. In a statement, she added, "While the U.K.'s parliamentary system permits political parties to change leaders in this way, frequent changes mean international counterparts must once again build relationships and trust with a new leader."
The financial markets were relatively calm. The pound recovered from earlier losses against the U.S. dollar and was trading slightly stronger. Britain’s government bonds, which had been underperforming against their European peers, fell back in line. The yield on 10-year bonds, known as gilts, dropped slightly.
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