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UK Government Bonds Plunge as PM Starmer Faces Exit Pressure After Local Election Defeat

GateNews
Forex

According to Golden Ten Data, on Tuesday, May 12, UK government bond prices fell sharply following local election losses for Prime Minister Keir Starmer’s Labour Party. The 10-year gilt yield surged 10 basis points to 5.10%, as growing calls from Labour politicians for Starmer’s resignation fueled investor concerns.

The pound sterling weakened 0.2% against the euro, hitting its lowest level since late April. Investors worry that a change in leadership could prompt increased fiscal spending as a new premier seeks to win back dissatisfied voters. Bond investors view Starmer and Finance Minister Rachel Reeves as more committed to controlling gilt issuance than potential successors.

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