00:00This was a huge moment for UK Prime Minister Keir Starmer, promising to prove the doubters wrong after a bruising
00:07set of local election defeats last week.
00:10He had a message in his speech today for voters, saying that he accepted personal responsibility for those defeats, both
00:18on the left and the right, to the Greens and Reform UK.
00:21He had a message for his party that he acknowledges the emotional dimension of this defeat and that he is
00:29capable of turning policy delivery into a message that wins a general election.
00:35It was policy light, by the way. The only real new policy was on bringing forward legislation to bring British
00:42steel into national control.
00:44But finally, he seemingly had a message for the markets that he is not going anywhere.
00:50That's the message that calmed them on Friday. Guilt's rallying then, but not so much today.
00:55We've seen yields up around the world on the failure of the US and Iran to reach an agreement to
01:01end their war.
01:02But the moves most pronounced here in the UK when it comes to the gilt market, particularly at the long
01:08end of the curve,
01:09of Starmer's speech not doing very much to resolve that, and the pound actually falling as a result of Starmer's
01:16speech.
01:17So as his rivals swirl, we still have MPs, more and more MPs, in fact, calling for Starmer to go.
01:24This gilt market will remain on tenterhooks.
Comments