Kier Starmer to resign as PM

Kier Starmer announced this morning that he will stand down as Prime Minister.

Setting out a timetable for his departure, Starmer said that nominations will open on the 9th July and will be completed by the summer recess.

He will remain in his post until any leadership contest that may arise is complete.

This announcement follows Andy Burnham's win at the Makerfield by-election on the 18th June, paving the way for the former Greater Manchester mayor to Number 10.

The Commons summer recess is due to begin on 16th July meaning that if Burnham is unopposed, he will become PM in the middle of next month.

In the case that there is a contest, the new PM will be in post by the end of August.

Scott Clay, director of private clients at Together, commented: “With Starmer’s resignation, the UK holds its breath over the leadership race — a lot of eyes are drawn north given Andy Burnham’s strong track record as mayor of Greater Manchester.

“That said, any successor would still face the same economic challenges.

"Delivering wide scale housing, regeneration and investment will be vital to build a stronger national economy. It’ll also be particularly interesting to see how gilt markets respond to any political turbulence, as movements in gilt yields directly influence mortgage pricing."

Nathan Emerson, CEO at Propertymark, said: “Housing must remain at the heart of the political agenda. Landmark reforms continue to progress through Westminster, and they must deliver on their promises.

“We have seen some of the most significant changes to the rental sector in over 30 years with the implementation of the Renters’ Rights Act, alongside a commitment to build 1.5 million new homes to meet growing demand.

“Meeting future housing requirements requires clear political ambition and consistent leadership, especially as we embark on further reforms to the home buying and selling process."