Prime Minister Keir Starmer's government suffered its biggest blow yet when Health Minister Wes Streeting announced his resignation on Thursday. Streeting publicly said he had lost confidence in Starmer's leadership, exacerbating the Labour Party's already-simmering internal crisis.
In his resignation letter, Streeting insisted that Starmer was no longer seen as a fit and proper person to lead the party in the next general election. He called for the debate on the party's future leadership to be open and based on ideas, not on the interests of particular groups or personalities.
Streeting's move follows a series of resignations by junior ministers earlier this week, including Jess Phillips and Miatta Fahnbulleh. As one of the most popular senior ministers, Streeting's move was widely seen as a catalyst that could spark a formal leadership challenge against Starmer in the near future.
Political experts saw the resignation as a sign that Starmer had lost support from his senior cabinet. Streeting also called on Starmer to facilitate a transition process to allow the best candidates to emerge to lead the Labour Party towards a fresher agenda.
UK financial markets reacted quickly to the news with the Pound Sterling and government bonds (Gilt) showing high volatility. Investors are now worried about the possibility of “political paralysis” in Westminster as the country grapples with inflationary pressures and a global energy crisis.
