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☆ House building sector to see most positive impact from Labour government, researcher says
▼ + stars: | 2024-07-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHouse building sector to see most positive impact from Labour government, researcher saysMark Fielding, head of European capital goods research at RBC Capital Markets, weighs in on the impact that the newly elected Labour government could have on stock markets.

Persons: Mark Fielding Organizations: Labour, RBC Capital Markets

☆ Tory legacy has left the new Labour government with very little fiscal freedom, strategist says
▼ + stars: | 2024-07-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTory legacy has left the new Labour government with very little fiscal freedom, strategist saysBhanu Baweja, chief strategist at the UBS Investment Bank, weighs in on the impact of the Labour Party's landslide win in the U.K.

Persons: Bhanu Baweja Organizations: Labour, UBS Investment Bank, Labour Party's

☆ Can the Labour Party Bring Back Britain’s Green Groove?
▼ + stars: | 2024-07-05 | by ( Somini Sengupta | ) www.nytimes.com time to read: +1 min

Britain, the birthplace of the Industrial Revolution, erstwhile coal-burning imperial behemoth, wants to be a “clean energy superpower.”At least that’s the promise of the man poised to be the next prime minister, Keir Starmer. His Labour Party was projected to win the parliamentary elections on Thursday, ending 14 years of Conservative Party rule. Labour made big campaign promises on climate. It’s where the Industrial Revolution began in the 18th century, giving rise to a global economy driven by coal, oil and gas and with it, the emissions of planet-heating greenhouse gases. So the speed and scale of Britain’s energy transition is likely to be closely watched by other industrialized countries and emerging economies alike.

Persons: Keir Starmer Organizations: Labour Party, Conservative Party, Labour, Industrial Locations: Britain, It’s

☆ Goldman Sachs upgrades UK growth forecast after huge Labour election win
▼ + stars: | 2024-07-05 | by ( Vicky Mckeever | ) www.cnbc.com time to read: 1 min

LONDON — Goldman Sachs on Friday upgraded its growth forecast for the U.K. after the Labour Party's thumping victory in the country's general election. The investment bank said in a note released early Friday morning that it expected Labour's fiscal policy agenda to provide a "modest boost to demand growth in the near-term" and raised its gross domestic product (GDP) forecasts for the U.K. by 0.1 percentage points in 2025 and 2026 to 1.6% and 1.5% respectively. "Reforms to the planning system could boost housebuilding and productivity; higher public sector investment could lift potential output; and closer trade ties with the EU could mitigate some of the costs of Brexit," Goldman Sachs economists said in the note.

Persons: Goldman Sachs Organizations: LONDON, Labour

Farage’s Reform UK party attacked the Conservative Party on its failure to bring down rates of legal and illegal migration. He won Clacton on a massive swing towards Reform UK, picking up 21,225 votes to the Conservatives’ 12,820. He pledged to “challenge the general election properly in 2029,” and promised to turn his rhetoric toward the Labour Party as it enters government. In many seats around the UK, Reform came second to Labour. Farage said the “Labour government will be in trouble very, very quickly and we will now be targeting Labour votes.

Persons: Nigel Farage, Britain’s, Donald Trump, Farage, ”, Euroskeptic, Keir Starmer, It’s, ” Farage, Labour –, upended, Rosa Prince, Conservative Party ”, ” Prince Organizations: CNN, Reform, Brexit, UK, Farage’s Reform, Conservative Party, Conservatives, European Union, Clacton, Labour, Labour Party, Conservative, Politico Locations: Britain’s, Ukraine, Europe

☆ European markets open higher with UK election results in focus
▼ + stars: | 2024-07-05 | by ( Ryan Browne | ) www.cnbc.com time to read: 1 min

Keir Starmer, leader of the Labour Party, campaigns ahead of the general election, in Redditch, UK, on Wednesday, July 3, 2024. LONDON — European stocks opened mostly higher on Friday as the U.K.'s general election draws focus in the region. The pan-European Stoxx 600 index rose 0.3% higher in early morning deals. The U.K.'s FTSE 100 index climbed more than 0.2% as investors reacted to election results. Travel and leisure stocks were the standout gainers Friday, climbing 0.6%, as most sectors traded in positive territory.

Persons: Keir Starmer Organizations: Labour Party, LONDON Locations: Redditch, UK

☆ Key housing focus for UK's Labour Party will be on supply side, Investec analyst says
▼ + stars: | 2024-07-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKey housing focus for UK's Labour Party will be on supply side, Investec analyst saysAynsley Lammin, equity analyst at Investec, says the U.K. Labour Party's plan to restore mandatory housebuilding targets is a "quick win" for the sector that should boost planning and supply.

Persons: Aynsley Organizations: UK's Labour Party, Labour

People celebrate exit poll results at a "Stop The Tories" election afterparty in London, on July 4. Suzanne Plunkett/ReutersThe United Kingdom’s decision to hand the center-left Labour Party a parliamentary majority, according to the exit poll, comes at the same time Europe is broadly in the grip of what some call a right-wing populist surge. Last month’s European elections saw a historic number of lawmakers from hard-right and far-right parties elected to the European Parliament. Farage’s political success to date has all come without him holding a parliamentary seat. An odd quirk of British politics is that the percentage of votes a party gets doesn’t necessarily translate to seats.

Persons: Suzanne Plunkett, Emmanuel Macron, Benito Mussolini, Euroskepticism, Nigel Farage, Donald Trump, Keir Starmer, Starmer’s, Farage, Starmer Organizations: United, Labour Party, Parliament, European, Conservative Party, Reform, Conservatives, Labour Locations: London, Europe, Netherlands, Italy, Britain, British

People celebrate exit poll results at a "Stop The Tories" election afterparty in London, on July 4. Last month’s European elections saw a historic number of lawmakers from hard-right and far-right parties elected to the European Parliament. Farage’s political success to date has all come without him holding a parliamentary seat. It is possible that Farage’s splitting of the right has actually helped Starmer increase his majority in parliament. An odd quirk of British politics is that the percentage of votes a party gets doesn’t necessarily translate to seats.

☆ The UK is expecting to get a new prime minister — one that Obama has been mentoring for months
▼ + stars: | 2024-07-04 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +9 min

AdvertisementKitty Donaldson, a political journalist in the UK, told Business Insider that this interview marked a turning point in Starmer's public display of emotion. Obama could advise Starmer on how to deal with TrumpObama's and Starmer's relationship is likely to continue if Starmer wins the election on Thursday. Speaking to Politico's Power Play Podcast in September, Starmer said Obama was the US president that he spoke to "most frequently." Packer said Obama and Starmer's relationship made sense, given the decadeslong ties between the UK's Labour Party and the US Democratic Party. Meanwhile, Donaldson suggested Starmer may seek advice from Obama on dealing with Donald Trump, if the former president is reelected in November.

Persons: —, Keir Starmer, Starmer, Jill Rutter, He's, Rishi Sunak, Goldman Sachs, Akshata Murty, Narayana Murty, Barack Obama, Obama, David Lammy, Lammy, Keir, Kitty Donaldson, Donaldson, it's, Tom Packer, Packer, Donald Trump, Trump, Biden, Andrew Harnik, Stormy Daniels, … Organizations: Service, leftwing Labour Party, Conservative Party, Business, New York Times, UK's, Labour, Infosys, Sunday Times, Politico, Black, Harvard University, Sunak, Telegraph, Minas Panagiotakis, Sky News, University College London, Trump, Guardian, UK's Labour Party, US Democratic Party, BBC Radio Locations: Britain, London, England, Wales, Minas, Europe

Labour leader Sir Keir Starmer talks at a campaign event on June 29, 2024 in London, England. LONDON — The U.K.'s opposition Labour Party is on course to win a commanding parliamentary majority in the country's general election, unseating the incumbent Conservatives after 14 years, according to exit polls released after voting closed. Millions of people across England, Scotland, Wales and Northern Ireland voted for their local representatives in the 650-member House of Commons, the U.K.'s lower house of parliament. A nationwide result will likely be declared early Friday, with Keir Starmer, leader of center-left Labour, expected to become the country's next prime minster. Political surveys have for nearly two years pointed to a large Labour victory.

Persons: Sir Keir Starmer, Keir Starmer Organizations: Labour Party, Northern Ireland, of, Labour Locations: London, England, Scotland, Wales, Northern

☆ Landmark UK election kicks off as center-left Labour seeks return to power after 14 years
▼ + stars: | 2024-07-04 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

Keir Starmer, leader of the Labour Party, campaigns ahead of the general election, in Redditch, UK, on Wednesday, July 3, 2024. Bloomberg | Bloomberg | Getty ImagesLONDON — The U.K. heads to the ballot box on Thursday, as the incumbent Conservative Party seeks to defy months of polls that suggest it will suffer a historic defeat at the hands of the center-left Labour Party. Prime Minister Rishi Sunak announced the vote six weeks ago, taking politicians and the public alike by surprise. The Thursday ballot is the first U.K. general election since 2019, when then-Conservative leader Boris Johnson clinched the party's biggest majority win since 1987 over Jeremy Corbyn's Labour. Rishi Sunak, UK prime minister, campaigns at a Conservative Party general election campaign event at the National Army Museum in London, UK, on Tuesday, July 2, 2024.

Persons: Keir Starmer, Rishi Sunak, Nigel Farage's, Hannah Bunting, Labour's Tony Blair, John Major, Jeremy Hunt, Sunak, Boris Johnson, Jeremy Corbyn's Labour, Liz Truss Organizations: Labour Party, Bloomberg, Getty, Conservative, Labour Party ., of, Liberal Democrats, Greens, Scottish National Party, Plaid Cymru, Democratic Unionist Party, Nigel Farage's Reform, Conservatives, Labour, Convention, University of Exeter, European Union, Conservative Party, National Army Museum Locations: Redditch, UK, England, Scotland, Wales, Northern Ireland, London

☆ European markets head for higher open as UK election takes place
▼ + stars: | 2024-07-04 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

The Houses of Parliament are seen on June 28, 2024 in London, England ahead of the UK general election. LONDON — European stocks are expected to open higher Thursday, with the U.K.'s general election in focus in the region. The U.K. general election is being held Thursday. Polls open from 7a.m. Overnight, Asia-Pacific markets were mostly up Thursday as Japan's Topix crossed its all-time high of 2,886.50, previously set in December 1989.

Persons: Germany's DAX, Japan's Topix Organizations: LONDON, CAC, IG, Labour Party, Conservative Party Locations: London, England, Asia, Pacific

☆ Labour Party set to end 14 years of Conservative rule in UK general election landslide, exit poll projects
▼ + stars: | 2024-07-04 | by ( Rob Picheta | ) edition.cnn.com time to read: 1 min

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United Kingdom 2024 Election: Live ResultsThe first results are expected after 6:30 p.m. Eastern. % Seats 0 0.0 % 0 0 0.0 % 0 0 0.0 % 0 0 0.0 % 0 + Show moreBritain is voting in a parliamentary general election that could fundamentally realign its politics. Polling suggests a return to power for the center-left Labour Party, whose promises include ending a tax exemption for private schools and bringing most rail companies into public ownership. Winner No dataBut even as some forecasts indicate a crushing majority for Labour, this is increasingly far from a two-party race. Winner by ConstituencyThis table shows the results from the 2024 election in each constituency grouped by the party that won it in the last general election.

Persons: Boris Johnson, Labour’s Organizations: Labour Party, Labour, Liberal Democrats, Greens, New York Times Locations: Scotland, Wales

☆ Indian officials visit Foxconn iPhone plant, question executives about hiring, Reuters reports
▼ + stars: | 2024-07-04 | by ( ) www.cnbc.com time to read: +2 min

Indian labor officials visited a Foxconn factory in the country's south this week and questioned executives about the company's hiring practices, Reuters reported. Narasaiah said Foxconn told the labor officials the factory employs 41,281 people, including 33,360 women. He added that the labor inspectors interviewed 40 married women inside the plant, who raised no concerns about discrimination. Foxconn HR sources and third-party hiring agents cited family duties, pregnancy and higher absenteeism as reasons for not hiring married women. The reporting also found that Taiwan-based Foxconn relaxes the practice of not hiring married women during high-production periods.

Persons: Foxconn, Narendra Modi's, Narasaiah Organizations: Reuters, Apple, government's Regional, Labour Locations: Chennai, Tamil Nadu, Taiwan

Keir Starmer is all but certain to become the next prime minister of Britain, after an exit poll projected that his Labour Party would win the general election in a landslide on Thursday. That would mean Mr. Starmer would replace Prime Minister Rishi Sunak, who took office less than two years ago. Mr. Starmer, a 61-year-old former human rights lawyer, has led a remarkable turnaround for the Labour Party, which just a few years ago suffered its worst election defeat since the 1930s. He has pulled the party to the political center while capitalizing on the failings of three Conservative prime ministers. “He’s not going to set hearts racing, but he does look relatively prime-ministerial.”

Persons: Keir Starmer, Starmer, Rishi Sunak, “, ” Jill Rutter, “ He’s, ” Organizations: Labour Party, Labour, of, Conservative, New York Times Locations: London

☆ Labour expected to win huge majority: 'This is going to be seismic'
▼ + stars: | 2024-07-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLabour expected to win huge majority: 'This is going to be seismic'CNBC's Arabile Gumede reacts to the U.K. election exit polls which indicate that Labour is set to gain a huge majority amid a significant Conservative loss.

Persons: Gumede Organizations: Labour, Conservative

☆ Who is Labour's Keir Starmer, the likely new leader of Britain?
▼ + stars: | 2024-07-04 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +4 min

Labour leader Keir Starmer visits Burton and South Derbyshire College on June 27, 2024 in Burton upon Trent, United Kingdom. Cameron Smith | Getty Images News | Getty ImagesLONDON — Britain looks likely to elect its first Labour prime minister in 14 years, with an expected landslide victory for the opposition party during the July 4 elections. CNBC takes a look at the U.K.'s new prime minister and his platform. watch nowStarmer also served as a human rights adviser during former Labour Prime Minister Tony Blair's landmark Northern Ireland Good Friday Agreement. Labour leader Keir Starmer gives a speech as he visits the Vale Inn on June 27, 2024 in Macclesfield, United Kingdom.

Persons: Keir Starmer, Cameron Smith, Rishi Sunak, Starmer, —, Margaret Thatcher's, Tony Blair's, Jeremy Corbyn, Reform's Nigel Farage Organizations: South Derbyshire College, Getty, Labour, CNBC, British, National Health Service, University of Leeds, University of Oxford, Shell, Conservative, Northern, Service, Wealth Fund Locations: Burton, Burton upon Trent, United Kingdom, Britain, London, England, Victoria, Macclesfield

☆ As Britain Votes, Change Is in the Air. Optimism, Not So Much.
▼ + stars: | 2024-07-04 | by ( Mark Landler | Stephen Castle | ) www.nytimes.com time to read: 1 min

Voters go to the polls in Britain on Thursday in a dyspeptic mood, many of them frustrated with the Conservative government but skeptical that any replacement can unravel the tangle of problems hobbling the country. Their skepticism is warranted, according to analysts. Even if the Labour Party wins a robust majority in Parliament, as polls suggest, it will confront a raft of challenges, from a torpid economy to a corroded National Health Service, without having many tools to fix them. The Labour leader, Keir Starmer, would inherit a “legacy of ashes,” said Robert Ford, a professor of political science at the University of Manchester. And voters, who less than five years ago elected the Conservatives in a landslide, are not likely to give Mr. Starmer much slack to turn things around.

Persons: Keir Starmer, ”, Robert Ford Organizations: Conservative, Labour Party, Health Service, Labour, University of Manchester, Conservatives Locations: Britain

☆ Analyst discusses the impact of the UK and French elections on the sterling and euro
▼ + stars: | 2024-07-04 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAnalyst discusses the impact of the UK and French elections on the sterling and euroMahjabeen Zaman of ANZ says a Labour Party victory in the U.K. elections would have little short-term impact on the pound sterling.

Organizations: ANZ, Labour Party

☆ As Europe turns right, why is a center-left party projected to win by a landslide in the UK?
▼ + stars: | 2024-07-04 | by ( Luke Mcgee | ) edition.cnn.com time to read: +3 min

Last month’s European elections saw a historic number of lawmakers from hard-right and far-right parties elected to the European Parliament. Italy is led by the most right-wing leader since the rule of fascist wartime leader Benito Mussolini. Reform UK party leader Nigel Farage speaks to the crowd of supporters on July 3 in Clacton-on-Sea, England. Farage’s political success to date has all come without him holding a parliamentary seat. It is possible that Farage’s splitting of the right has actually helped Starmer increase his majority in parliament.

Persons: Emmanuel Macron, Benito Mussolini, Euroskepticism, Nigel Farage, Dan Kitwood, Donald Trump, Keir Starmer, Starmer’s, Farage, Starmer Organizations: CNN, Labour Party, Parliament, European, Conservative Party, Reform, Conservatives, Labour Locations: Europe, Netherlands, Italy, Britain, British, Clacton, England

It could be a disastrous night for the Conservatives, with the exit poll predicting the lowest-ever total number of seats in the party’s history. Because of its electoral system, Britain can see large discrepancies between the share of seats won by a party and its share of the popular vote. The exit poll suggests one of the largest swings in British political history, with Labour expected to win 410 seats and the Conservatives on 131. Britain’s traditional third party, the Liberal Democrats, also enjoyed a huge bump, going from just 11 seats won at the 2019 general election to a projected 61. Reform UK, a right-wing populist party, was projected to win 13 seats, also a lot more than many polls had suggested.

Persons: resoundingly, Labour’s, Keir Starmer, Britain’s Organizations: London CNN, Labour Party, Conservatives, Labour, Liberal Democrats, Reform, Scottish National Party Locations: United Kingdom, England, Scotland, Wales, Northern Ireland, Britain

☆ 'We don't do God' and massive ad spends: How UK election races differ from American ones
▼ + stars: | 2024-07-04 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +12 min

Here are a handful of them:1) CampaignsBy the time a presidential election takes place in the United States, the electorate will have already endured months of seemingly endless electioneering — with the entire election campaign process from candidacies and the campaign trail to the actual presidential election and inauguration taking up to two years. In the U.K., the time frame between a prime minister calling a general election to the actual vote is just six weeks. It sounds simple, and usually is, unless there's a "hung parliament" in which no political party wins a majority of seats. In the U.K., political advertising on TV and radio is not allowed, so U.K. voters are subjected to the somewhat quaint "party political broadcasts" during election campaigns. 6) 'Absurd' diversionsBritish political experts note that, unlike in the U.S., where broad political debates tend to remain the key focus, U.K. election campaigns can see more minor or fringe issues dominate the short election campaign.

Persons: Rishi Sunak, Joe Biden, Paul Ellis, Sir Keir Starmer, Stefan Rousseau, Bobby Duffy, Donald Trump, Tom Brenner, —, Britain's, Tony Blair, Alastair Campbell, Ben Curtis, Blair, Dan Stevens, Joe Biden's, Trump, Brian Snyder, Keir Starmer, Institute's Duffy, Duffy, Biden, Rodin Eckenroth, Rodin, John Curtice, it's, Ludovic Marin Organizations: Britain's, North Atlantic Council, NATO, South Derbyshire College, Trent, Commons, King's College London, CNBC, Brit, Republicans, U.S, Federal, Former U.S, Republican, Reuters, Electoral Commission, Inverness Royal Academy, Labour, of, Exeter University, Trump . Democratic Party, Reuters Incumbent British, Labour Party, Trump, European, Conservative Party, U.K, UK Ministry of Defence, Royal British, Afp, Getty Locations: Vilnius, Lithuania, United States, Burton, U.S, Britain, Philadelphia, Great Britain, England, Wales, Scotland, British, America, Western Europe, Atlanta , Georgia, Hollywood , California, European Union, Normandy, Ver, Gold, France

☆ In pictures: Labour Party leader Keir Starmer
▼ + stars: | 2024-07-04 | by ( ) edition.cnn.com time to read: +1 min

The center-left Labour Party will win Britain's general election by a landslide, according to a major exit poll, ending a 14-year era of Conservative rule in decisive fashion and putting its leader Keir Starmer on course to become prime minister. Starmer, 61, has promised to be the agent of change that Britain needs. He has pledged to grow the country's economy by reforming planning laws and investing in a new industrial strategy. He has said he will set up a national wealth fund with £7.3 billion ($9.2 billion) of public money that will help pay for the transition to net zero emissions. Critics on the right say that Starmer will need to raise taxes to fund his plans, while skeptics on the left say his manifesto is not bold or ambitious enough to change Britain for the better.

Persons: Keir Starmer, Starmer Organizations: Labour Party, Crown, Service of, Wales —, Labour Locations: Service of England

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