UK 100 Holds Steady as Starmer Resigns After Labour Revolt

UK 100 traded calmly on 22 June after Keir Starmer resigned as prime minister following heavy local-election losses and a Labour Party revolt. Pressure had escalated rapidly since 19 June when The Times reported cabinet ministers demanding a departure timeline, culminating in more than 80 MPs calling for his exit and two ministers quitting. Starmer opened Labour leadership nominations for 9-16 July, positioning Andy Burnham as the likely successor. Markets showed limited reaction, with gilt yields easing 4-5 bps, EUR/GBP falling toward 0.8630, and broader European and U.S. indices posting modest gains.