United Kingdom PM Starmer weighs political future, set to announce exit plan on Monday

Dhwani Mehta FXStreet

Citing a source with knowledge of the matter, Reuters reported on Monday that the United Kingdom (UK) Prime Minister (PM) Keir Starmer was reassessing his political future on Sunday after rival Andy Burnham's decisive parliamentary election victory prompted additional ministers from the governing Labour Party to call for his resignation.

"Keir likes to think about things," the source said.

Further pressurizing Starmer, US President Donald Trump predicted on his Truth Social platform that "Keir Starmer will resign as Prime Minister of the United Kingdom".

Meanwhile, UK Business Minister Peter Kyle said the prime minister was reflecting on "the political challenges that he faces in this moment".

Kyle told LBC radio: "So I'm not going to deny the political challenges that he faces in this moment, but what I'm also not going to do is say there is ever anything inevitable about the days ahead.”

Cabinet ministers stated that Starmer will set out his intentions outside No 10 Downing Street on Monday, commencing a process of the UK installing its seventh PM in a decade.

Market reaction

The British Pound (GBP) is under moderate selling pressure in early trading following UK political headlines, with GBP/USD down 0.17% on the day at 1.3210 as of writing.

Pound Sterling Price Today

The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the weakest against the US Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.05%	0.19%	0.05%	0.13%	0.03%	0.08%	0.03%
EUR	-0.05%		0.14%	0.00%	0.07%	0.03%	0.06%	-0.02%
GBP	-0.19%	-0.14%		0.00%	-0.04%	-0.12%	-0.08%	-0.14%
JPY	-0.05%	0.00%	0.00%		0.08%	-0.02%	0.02%	-0.01%
CAD	-0.13%	-0.07%	0.04%	-0.08%		-0.11%	-0.07%	-0.08%
AUD	-0.03%	-0.03%	0.12%	0.02%	0.11%		0.06%	0.00%
NZD	-0.08%	-0.06%	0.08%	-0.02%	0.07%	-0.06%		-0.04%
CHF	-0.03%	0.02%	0.14%	0.00%	0.08%	-0.00%	0.04%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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