Starmer's refusal to go is plunging the economy into a crisis

[WesStreetingForPM]

It seems the markets are VERY spooked by Keir Starmer's refusal to resign.

The bonds yields are now performing worse than they were under Liz Truss and the interest rate on government borrowing is apparently the highest since the financial crisis in 2008.

Both of these point to economic disaster.

Starmer is risking the economy so he can stay in power for a few more days!

We're going to see higher mortgage rates, higher taxes and even less growth.

All because the Labour Party can’t sort out its leadership problems.

They’re spooked at the prospect of the leader changing ffs.

Have you not noticed that the whole world is in financial trouble. Here is a CNN article that was published today about the US.

A new CNN poll sum up Americans’ feelings about the economy: They just feel stuck | CNN Politics

This is labour. They should be working to change the capitalist system, not be slaves to it.

Probably because of the Burnham/Rayner golden ticket, whatever that is.

Markets will certainly be spooked by the prospect of a change of leadership. Particularly as Starmer going would almost certainly lead to a change at the Treasury as well.

If Starmer resigned right now, the markets would still be spooked. Probably even more so because of the uncertainty about what comes next.

It isn't his refusal to quit which is causing the problems. Markets like stability.

It’s not Starmer going - it’s who replaces him they are worried about.

The picture you’ve used says what I’d assume a more likely reason for the market changes is: “the perception that a leadership change in the UK could risk looser public spending has unsettled some investors” “economists think any replacement would not be as disciplined”.

No. The markets are spooked because the Labour Party MPs are churning up a hornets nest. They could have put up and shut up. I’m not a Labour supporter but the fools who are MPs are doing this. Starmer and Reeves have kept the markets steady.

Also watching Newsnight last night, the agitating Labour mp on that refused to answer the question about the markets. He isn’t remotely interested in people’s pensions or savings. He presumably thinks his equally dim Labour supporting constituents don’t have them or don’t understand economics - as he certainly didn’t and could not have cared less. It was about preserving his seat of 2 years. These people are absolutely economically illiterate and care only about themselves and a very narrow group of people.

Nope; they're spooked by a bunch of MPs acting like eejits. Starmer's very clearly said he's staying, so unless someone's got the guts and the votes to take him down, it's all over but the stirring.

Incidentally, I get THIS ad right in the middle of the present thread Seems to capture very well the level of discourse both here and in the attached clip of some random journalist bellowing demands at the Cabinet members that no one bothers to respond to.

A highly disingenuous post. It’s not the fear of Starmer staying that has the bond market spooked, it’s the threat of him leaving.

As evidenced by the fact that the markets have stabilised and yields have dropped now that he has said he’s not going anywhere.

Give it a rest. It's the prospect of an unsettling leadership challenge that causes issues with the markets. The absolute last thing this country needs is a change of leader (and I didn't vote for him).

I just keep seeing this guy screaming "D.O.R" "D.O.R" and KS with a much shorter haircut doing press-ups.

Looks like you can"t post an image of Louis Gossett Jr.?

Agree. But ffs not Wes Streeting, who is a protege of Starmer and a chip off the same block.

It's not the fear of Starmer going.

It could be the fear of who replaces him.

It definitely is the fear of Starmer saying.

It's why there is breaking news that the whole cabinet is now thinking of resigning - the economic data over this mess in Downing Street is EXTREMELY worrying.

https://x.com/breeallegretti/status/2054171157348098349

The reason the UK is in a dreadful position is that we have had many years of the public lapping up cheap debt and our economy was based on a property bubble, KS leaving or staying is just smoke on the wind, people (and politicians) need to change how they treat money and debt.

But if Keir Starmer has failed in the ways you claim, then his entire cabinet has failed. If the person with the top job goes, why would you replace him with someone who's failed at least equally badly one or more levels down? I'd rather have a complete replacement of the Cabinet (don't kid yourself - Starmer has the resources to do this at least one, possibly more) than of the PM with no viable replacement.

What is the most worrying economic news you are seeing?

As PP have stated above it is not 'the fear of Starmer going' as you keep on insisting. It is the fear of instability during a leadership challenge and who might replace him. If you had enabled voting you would have found that YABU.
ETA Are you a Russian bot 🤔

Bond yields have spiked dramatically - the 10-year rate hit levels not seen since the 2008 financial crisis, and the 30-year is the highest since 1998.

If you don't understand how serious this is for the economy then maybe you shouldn't be commenting.

I won't comment any more then. Because I think it should be government that runs a country. Not bond market investors.

Down 9 basis points off this morning’s high since Starmer announced he’s not going anywhere.

The more uncertainty, and the greater the likelihood of a leadership election, the more spooked the markets will become.

But you know all this don’t you? And I don’t believe for a minute you want Streeting for PM - what you really want is a general election.

🎯

The issue is the mess he inherited and the constant press coverage moaning about him. He’s doing the best job he could and is far preferable to any of the labour alternatives (except the lovely Andy burnham but he’s not a mp) and as for other parties, they are pretty much crazy now

What name do you normally post under, OP? You seem...familiar.

@WesStreetingForPM None of this would have happened if MPs had put up and shut up. They simply don’t understand how the economy works and many don’t care! They are poor calibre and just look after themselves. Any idiot knows turmoil spikes markets: any idiot! But we have MPs who are solely out for themselves and will not recognise we need stability. They are producing the crisis.

Can you articulate why you think Wes Streeting would be a better PM, OP?