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Labour Wins UK Election Landslide as Sunak's Conservatives Collapse | Bloomberg Daybreak: Europe...
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July 5, 2024
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26:50Now PlayingYour morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) Keir Starmer's Labour Party won the UK general election and is on course for a huge parliamentary majority with votes still being counted, a result that upends British politics after Rishi Sunak's Conservatives imploded.
(2) Labour passed the magic number of 326 seats for a House of Commons majority just before 5 a.m. on Friday, confirming a change of government that was predicted for months but is still a remarkable turnaround for Starmer's party in a single electoral cycle.
(3) Some big Tory names have already lost their seats including Defence Secretary Grant Shapps. The exit poll puts them on course to win 131 seats, as Nigel Farage's populist Reform UK Party took chunks out of the Tory support.
(4) UK equity-index futures climbed and the pound held recent gains after the Labour Party won a majority of seats in Parliament, giving it a clear mandate to deliver on its pledge for greater economic stability.
(5) Before the vote, Labour placed economic stability at the top of its manifesto and pledged to stick to tough spending rules. Rachel Reeves, an ex-Bank of England staffer who's set to become the UK's finance minister, said that the administration would not raise three of the UK's key taxes on wages and goods.
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