Starmer's Aides Back Reeves After Tears Prompt UK Selloff
A visibly emotional Reeves sat next to Starmer in the chamber on Wednesday as the premier batted away opposition questions about a humiliating government U-turn a day earlier on planned welfare reforms that left the chancellor with a widening budgetary hole to fill. Markets reacted strongly as Starmer initially failed to back his finance minister when asked, before his team rowed in behind her in subsequent briefings.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
42 minutes ago
- Bloomberg
Glencore Has Ownership Clause for Troubled UK Refinery Lindsey
Commodity trading giant Glencore Plc has a clause in its supply agreement with Prax Lindsey Oil Refinery Ltd. enabling it to take control of its facility in northern England if the debt it's owed isn't repaid. Glencore has security mechanisms, including share pledges over various Prax entities, according to people familiar with the matter. That's important as insolvency practitioners move to decide the destiny of one of just five refineries still operating in the UK, and on the verge of shutting down.
Bloomberg
an hour ago
- Bloomberg
UK Bond Bulls Unfazed by Latest Bout of Market Turmoil
While many investors were fretting over the potential for UK fiscal instability this week, some saw an opportunity to load up on government bonds. Mike Riddell, who manages around $1.2 billion at Fidelity International, added a new position in 20-year gilts on Wednesday as speculation over a possible exit by Chancellor of the Exchequer Rachel Reeves spurred a market slump.
Bloomberg
an hour ago
- Bloomberg
Julian Harris: Charts to Cheer up the Chancellor
A picture is worth a thousand words, as they say. Here at Bloomberg we prefer to think that a chart is worth a thousand words, so allow me to present today's long read: For the uninitiated, it shows the yield on 30-year UK government bonds (known as gilts) and arguably tells the whole story of the chaotic last 48 hours that the Labour government inflicted on itself. Yesterday's jump, as you presumably know by now, was triggered by Keir Starmer's failure to sufficiently endorse a clearly emotional Rachel Reeves while she sat behind him, struggling to hold back tears.
