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  "path": "/money/economy-pound-borrowing-cost-keir-starmer",
  "publishedAt": "2026-02-09T15:00:51.000Z",
  "site": "https://www.gbnews.com",
  "tags": [
    "Wetherspoon boss urges pubs to back Reform's tax overhaul as it would 'utterly transform' the sector",
    "Tesco to open 70 new Express stores across the UK in major expansion plan",
    "NatWest confirms £2.7bn takeover deal that will 'transform services for 20 million customers'",
    "The GB News Editorial Charter"
  ],
  "textContent": "\n\n\nThe British pound has fallen against the euro amid ongoing political turmoil in the UK, with Prime Minister Keir Starmer's future in Number 10 Downing Street hanging in the balance.\n\nBorrowing costs also spiked this afternoon, with both the 10-year and 30-year gilts jumping in response to Anas Sarwar calling on the Prime Minister to resign.\n\n###\n\n\n\n\nThe Scottish Labour Leader became the first prominent figure in the party urging Mr Starmer to resign over his handling of Peter Madelson scandal.\n\nMr Sarwar said: \"This isn’t easy and it’s not without pain, as I have a genuine friendship with Keir Starmer. But my first priority and my first loyalty is to my country, Scotland.\n\n###\n\n\n\n\n###\n\n\n\n\n\"That’s why the distraction needs to end and the leadership in Downing Street has to change. We cannot allow the failures at the heart of Downing Street to mean the failures continue here in Scotland.\"\n\nFollowing his announcement, sterling slipped to around 0.8725 per euro this afternoon, which is its lowest since January 22.\n\nThe Government's 10-year jumped to 4.567 per cent after Mr Sarwar's speech, with 30-year borrowing costs remaining elevated at 4.389 per cent.\n\nThis slight move in the bond markets come after a muted response to the resignation of Morgan McSweeney, who served as Number 10's chief of staff under Mr Starmer.\n\n###\n\n\n\n\n### LATEST DEVELOPMENTS\n\n\n\n\n  * Wetherspoon boss urges pubs to back Reform's tax overhaul as it would 'utterly transform' the sector\n  * Tesco to open 70 new Express stores across the UK in major expansion plan\n  * NatWest confirms £2.7bn takeover deal that will 'transform services for 20 million customers'\n\n\n\n###\n\n\n\n\nRuss Mould, investment director at AJ Bell, said: \"Politics were front of mind for investors in the UK after the resignation of chief of staff, Morgan McSweeney.\n\n\"Gilt yields and the pound nudged slightly higher as markets digested ongoing speculation about the future of Keir Starmer as Prime Minister. Movement among government bonds and the currency suggests there is no panic on financial markets about the stability of the UK Government.\"\n\nThe Labour Government has came under over its handling of the economy since returning to power in July 2024, with gross domestic product (GDP) coming in lackluster despite Chancellor Rachel Reeves's attempts to course correct..\n\nTomorrow, the Office for National Statistics (ONS) is set to publish the first GDP quarterly estimate for October to December 2024.\n\n###\n\n\n\n\n###\n\n\n\n\nThe Chancellor took to X to defend the Prime Minister after Mr Sarwar's resignation call.\n\nMs Reeves said: \"Rebuilding Britain takes time. But thanks to the decisions we've made NHS waiting lists are falling. Inflation is falling.\n\n\"Interest rates are falling. The conditions for the economy to grow are there. With Keir as our Prime Minister we are turning the country around.\"\n\n###\n\n\n\n\n\n\n\n\n\n\n**Our Standards:The GB News Editorial Charter **",
  "title": "Pound plummets and borrowing costs spike as Keir Starmer's political future hangs in the balance"
}