'Crushing Local Election Defeat' Starmer Faces Mounting Calls to Resign...UK Bond Yields Rise

Starmer Vows to "Fight in Party Leadership Contest"

At Least 40 Labour MPs Demand His Resignation

Calls for the resignation of UK Prime Minister Keir Starmer have intensified following the Labour Party’s crushing defeat in local elections. Prime Minister Starmer has repeatedly rejected these calls and declared that he will fight back if challenged for his position within the party.

Keir Starmer, British Prime Minister. Yonhap News Agency

On May 11 (local time) in London, Prime Minister Starmer stated during a speech and press conference, “I know the British people are disappointed with the country and politics, and I know some are disappointed in me. I also know there are those who doubt me,” adding, “I have to prove them wrong, and I will do so.”

He made it clear that he will not simply walk away, saying, “I will not turn my back and leave.” He also made it clear that even if a party leadership contest takes place, which could result in the replacement of the prime minister, he will not resign. When asked if he would fight in such a contest, he answered, “Yes.”

He pointed out that repeated changes of prime minister during the previous Conservative government had caused great damage to the country, stating, “It is my responsibility to deliver the changes promised in the Labour Party’s general election pledges.”

These comments dismiss the increasingly vocal calls within the party for his resignation following the disastrous local election results on May 7. The next UK general election is not required to be held until the summer of 2029, but if Labour Members of Parliament replace the party leader, the prime minister could also be changed.

So far, at least 40 Labour MPs have demanded that Prime Minister Starmer resign or provide a timetable for his departure.

Angela Rayner, who served as the first Deputy Prime Minister in the Starmer cabinet and as Deputy Leader of the Labour Party—and is widely seen as a strong contender to be the next prime minister—issued a statement on the afternoon of the previous day, saying, “What we are doing is not working well. We need change now,” putting further pressure on Starmer.

As uncertainty grows over Starmer’s future, concerns about the UK’s fiscal stability have led to a weakening of both the British pound and UK government bonds in the financial markets today.

The yield on 30-year UK government bonds rose by 0.07 percentage points from the previous session to 5.643% in the morning. Bond yields and prices move in opposite directions. The value of the pound fell by 0.2% from the previous session to 1.3602 dollars per pound.

This content was produced with the assistance of AI translation services.