![\"UK](\"https:\/\/www.europesays.com\/britain\/wp-content\/uploads\/2026\/05\/0376_639141931787473962.png\")
“The Labour party has a process for challenging a leader and that has not been triggered,” Starmer (pictured right) said. “The country expects us to get on with governing. That is what I am doing and what we must do as a cabinet.”<\/p>\n“The Labour party has a process for challenging a leader and that has not been triggered,” Starmer (pictured right) said. “The country expects us to get on with governing. That is what I am doing and what we must do as a cabinet.”<\/p>\n
Several cabinet ministers publicly backed the prime minister following the meeting. Markets stabilised somewhat in response, with the benchmark 10-year gilt yield falling back below 5.1% after earlier reaching 5.13%, while the 30-year yield eased to 5.76% from an intraday peak of 5.81%.\u00a0<\/p>\n
Sustained increases in gilt yields raise borrowing costs for the government, households and businesses alike. While\u00a0yields across most major economies have risen this year due to inflationary pressures linked to the Middle East conflict, the UK has been particularly affected<\/a>.<\/p>\n Markets are also assessing what a change of leadership could mean for fiscal policy. Two potential successors to Starmer \u2014 Angela Rayner and Andy Burnham \u2014 have each indicated support for higher public spending.<\/p>\n Gilt yields had already been elevated<\/a> earlier in the week following a rise in energy prices. A prolonged period of elevated gilt yields would be likely to sustain upward pressure on fixed-rate mortgage pricing, given the close relationship between long-dated gilt yields and the swap rates<\/a> that underpin fixed-rate products.<\/p>\n","protected":false},"excerpt":{"rendered":"“The Labour party has a process for challenging a leader and that has not been triggered,” Starmer (pictured…\n","protected":false},"author":2,"featured_media":34742,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[729,12745,94,5,6],"class_list":{"0":"post-34741","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uk","8":"tag-borrowing-costs","9":"tag-gilt-yields","10":"tag-keir-starmer","11":"tag-uk","12":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/116562183007398119","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/34741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=34741"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/34741\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/34742"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=34741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=34741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=34741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}