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UK Labour Party's Local Election Defeat May Weaken Sterling If Political Uncertainty Rises Further

GateNews
Forex
According to MUFG analyst Lee Hardman, the UK Labour Party suffered major losses in local elections last week (May 11), and sterling could weaken if political uncertainty rises further. Hardman stated that Prime Minister Keir Starmer's position appears increasingly untenable, with questions now centered on how long he can remain in office. The analyst added that if a new Labour leader pursues a more left-leaning policy direction, it could further pressure sterling in the near term, as markets would worry about increased fiscal spending and a further deterioration of the UK's public finances.
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