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Gilts Rally After Starmer Says Reeves to Remain Chancellor and Backs Fiscal Rules
- On July 1, Prime Minister Keir Starmer reversed welfare reforms, wiping out a multibillion-pound boost and causing market turmoil and emotional scenes, including Rachel Reeves' tears.
- Labour backbench MPs revolted against welfare plans, prompting Starmer to admit process failure and leading to a change of direction driven largely by external circumstances.
- UK 30-year gilt yields surged to 5.408% amid funding fears, then steadied after Starmer reaffirmed support for Reeves.
- Following Starmer’s reaffirmation, UK bond markets stabilized as investor concerns eased after he publicly supported Reeves, acknowledging process flaws in handling reforms.
- Looking ahead, the UK government’s next fiscal event in the autumn budget will be crucial for restoring confidence, with tax rises likely to address the funding gap long-term.
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UK bonds market rebounds as Starmer backs Reeves
Government bonds have rallied today after the prime minister's public support for Rachel Reeves - bouncing back from yesterday's turmoil amid concerns about government borrowing and the state of the public finances.
·London, United Kingdom
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PM backs Reeves saying she'll be Chancellor for a 'very long time' after her tears in Commons rattled markets
Prime Minister Keir Starmer has backed Rachel Reeves saying she will be Chancellor for a "very long time to come" after she was seen crying during Prime Minister’s Questions.
·London, United Kingdom
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Politics news: Keir Starmer insists Rachel Reeves 'will remain Chancellor for a very long time to come'
Sir Keir Starmer has insisted that Rachel Reeves will remain Chancellor "for a very long time", adding she is doing an "excellent job" following yesterday's tears in the House of Commons
·London, United Kingdom
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Coverage Details
Total News Sources55
Leaning Left6Leaning Right9Center15Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 20%
C 50%
R 30%
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