Three potential candidates cleared their path to challenging UK Prime Minister Keir Starmer’s leadership.
Starmer is embattled after devastating local election results last week.
Wes Streeting, Andy Burnham, and Angela Rayner are all expected to stand in any leadership election, but all face challenges: Health Secretary Streeting may not have the party support, Burnham must first win a special election against a surging populist party to enter parliament, and Rayner was until recently under investigation for tax irregularities.
The political turmoil has already sent government borrowing costs to multi-decade highs, and UK business leaders complained that the Labour Party infighting would further damage investment. “Nero fiddles,” one FTSE 100 boss told the Financial Times, leaving while Rome burns unspoken.