British Prime Minister Keir Starmer has announced that he will resign as Labour leader after months of political turmoil.
Starmer’s resignation opens a contest to replace him, which will lead to the United Kingdom’s (U.K.) seventh prime minister in the past 10 years.
Pressure had been building on Starmer to step down after his Labour Party endured significant losses in local elections held this May.
Starmer spent less than two years as the U.K. prime minister, winning a parliamentary majority in a 2024 general election.
He will remain in his post until the left-leaning Labour Party holds a leadership contest to replace him, which Starmer said would help ensure an orderly transition of power.
Former Manchester Mayor Andy Burnham is seen as the frontrunner to become Labour’s new leader, and, by extension, the U.K. prime minister.
Starmer had been battling discontent over fiscal policy within his own political ranks, while unpopular welfare reforms had caused further intra-party drama.
A recent poll found that 52% of the British public think Starmer should stand down as prime minister, five percentage points higher than in May.
Keir Starmer’s resignation comes almost 10 years to the day since the U.K. voted to leave the European Union (EU), ushering in a decade of political instability in Britain.
The British pound declined 0.19% against the U.S. dollar, trading at $1.3207, on news of Starmer’s resignation.
The yield on 10-year U.K. government bond, known as the Gilt, was flat at 4.8452% on June 22.
