UK Gilts and Sterling Slide as Starmer Fights for Survival
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UK 30-year gilt yields rose to 5.63%, while sterling fell 0.14% against the dollar, following significant election losses for Keir Starmer's Labour government. Concerns over a prolonged leadership battle are impacting investor sentiment, with over 40 Labour MPs calling for Starmer to resign. Analysts suggest that a leadership change could lead to looser fiscal policies, potentially increasing gilt yields further. The political situation is adding an estimated 10-15 basis points to current gilt yields, indicating heightened market sensitivity to political developments.
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