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Outgoing Conservative Prime Minister Rishi Sunak speaks to the media as he leaves 10 Downing Street following Labour's landslide election victory on July 5, 2024 in London, England. Leon Neal | Getty Images News | Getty ImagesLONDON - Outgoing UK Prime Minister Rishi Sunak on Friday said he will step down as the leader of the Conservative Party after the opposition Labour Party secured a landslide victory in Thursday's nationwide election. Sunak announced he will step down as the leader of the Conservative Party as soon as the formal arrangements for selecting his successor are in place. The Conservative Party suffered its lowest result, in terms of seats, in its post-war history. Keir Starmer's Labour Party won its second-largest majority after former Prime Minister Tony Blair's 179-seat majority in 1997.
Persons: Rishi Sunak, Leon Neal, Sunak, King Charles III, Keir Starmer's, Tony Blair's, Grant Shapps, Penny Mordaunt Organizations: Conservative, Getty, Conservative Party, Labour Party, Downing, Labour, Keir Starmer's Labour Party, Northallerton, Commons Locations: London, England, Thursday's, Downing, United Kingdom, Richmond
Rishi Sunak addressed the nation for the last time on Friday as Britain’s prime minister, apologizing for his failings and accepting responsibility for his Conservative Party’s catastrophic election performance but defending his economic record. “To the country, I would like to say first and foremost, I am sorry,” said Mr. Sunak in a brief but dignified statement in Downing Street. And I take responsibility for this loss.”The outgoing leader spoke for about four minutes, with his wife, Akshata Murty, looking on. Mr. Sunak said he would step aside as leader of his party — but only once formal arrangements to choose his successor are in place. He remains a lawmaker, having won re-election to his parliamentary seat in Yorkshire.
Persons: Rishi Sunak, , , Sunak, Akshata, King Charles III Organizations: Conservative Locations: Downing, Britain, Yorkshire
UK PM Rishi Sunak concedes defeat
  + 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 EmailUK PM Rishi Sunak concedes defeatThe Conservative’s Rishi Sunak, who has been prime minister since October 2022, held onto his seat in Richmond and Northallerton in the U.K. parliamentary election.
Persons: Rishi Sunak Locations: Richmond, Northallerton
Read previewIt's not quite the "extinction-level event for the Tories" that John Oliver predicted, but the Conservative Party did suffer a bitter defeat in Thursday's UK general election. This story is available exclusively to Business Insider subscribers. At the July 4 polls, the Conservative Party suffered a massive defeat at the hands of its rivals, Labour. UK Prime Minister and Conservative Party leader Sunak conceded defeat to Labour leader Kier Starmer early Friday morning. Representatives for Oliver did not immediately respond to a request for comment from Business Insider sent outside regular business hours.
Persons: , John Oliver, Oliver, that's, Brexit, David Cameron, Theresa May, Boris Johnson, Liz Truss, Rishi Sunak, weirdos, Conservatives who've, Sunak, Kier Starmer Organizations: Service, Conservative Party, Thursday's, Business, Tories, Conservative, Conservatives, Labour, Prime, Business Insider Locations: Britain
The Labour Party has triumphed in the UK general elections. UK Prime Minister Rishi Sunak has conceded defeat to Labour Party chief Keir Starmer. AdvertisementThe Tories are out, and the Labour Party is back in power. UK Prime Minister and Conservative Party leader Rishi Sunak conceded defeat in the country's recent general elections on July 4. "The Labour Party has won this general election, and I have called Keir Starmer to congratulate him on his victory," Sunak told reporters early on Friday morning in the UK.
Persons: Rishi Sunak, Keir Starmer, , Sunak Organizations: Labour Party, Service, Prime, Conservative Party, Business
London CNN —The Labour Party has won a landslide victory in the UK general election, sweeping into power after 14 years of Conservative rule on the back of a wave of public disillusionment. Addressing the nation from outside 10 Downing Street for the first time as prime minister, Starmer had one overarching message: Change starts now. There were high-profile casualties, with the short-lived former Prime Minister Liz Truss and several cabinet ministers being booted out by voters. Conservative leader and, as of Friday morning, former Prime Minister Rishi Sunak took responsibility for the electoral wipeout, apologizing to voters in his farewell address. Leaving the palace as the newly minted prime minister, he then headed straight to Downing Street.
Persons: Keir Starmer, King Charles III, Starmer, , Liz Truss, Rishi Sunak, Sunak, , Akshata Murty, Nigel Farage, Donald Trump, Farage, Sinn Féin, Clodagh Kilcoyne, Rachel Reeves, Angela Rayner, David Lammy, Yvette Cooper, Jeremy Corbyn, Yui Mok, Tony Blair, Starmer –, , Israel “, David Cameron, Brexit –, Boris Johnson Organizations: London CNN, Labour Party, Conservative Party, Labour, Conservative, Downing, British, Conservatives, Liberal, Lib Dems, Reform UK, Green Party, Scottish National Party, Irish, Democratic Unionist Party, DUP, Reuters Government, Home, Tories, European Union Locations: British, United Kingdom, Buckingham, Scotland, Northern Ireland, Ireland, Westminster, Starmer, Gaza, Britain, Europe, United States, Ukraine
CNBC Daily Open: UK Labour landslide election victory
  + stars: | 2024-07-05 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. UK Labour wins landslide victoryThe center-left Labour Party has won a landslide victory, ending 14 years of Conservative rule. Samsung shares climbed 2.84%, hitting their highest level since January 2021. Here are Evercore ISI's best stock ideas for the second half.
Persons: Keir Starmer's, Tony Blair's, Rishi Sunak, Brexiteer Nigel Farage, jeopardizing, Korea's Kospi, nonfarm payrolls, Saks, Neiman Marcus, Bergdorf Goodman Organizations: New York Stock Exchange, CNBC, Labour, Labour Party, Conservative, Keir Starmer's Labour, Party, Nikkei, Samsung, Samsung Electronics, CSI, S3 Partners, Saks Fifth, HBC, Saks, ISI Locations: May's
‘I am sorry:’ Rishi Sunak on election loss
  + stars: | 2024-07-05 | by ( Nina Avramova | ) edition.cnn.com   time to read: 1 min
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King Charles III takes part in the Ceremony of the Keys on the forecourt of the Palace of Holyroodhouse in Edinburgh, Scotland on July 2. Andrew Milligan/WPA Pool/Getty ImagesYou may have noticed King Charles III hasn’t been out and about quite as much over the last six weeks and it’s not for the reason you think. As this is the first general election of Charles III’s reign, there may have been a desire from within the institution to emphasize this. First off, the PM informed King Charles of his decision to call for a general election. That’s because the day after a general election, the monarch invites the leader of the party that won the most seats in the House of Commons to Buckingham Palace.
Persons: King Charles III, Andrew Milligan, King Charles III hasn’t, it’s, Rishi Sunak, Buckingham, Charles III’s, King Charles, King, Charles Organizations: Buckingham Palace, “ Holyrood Locations: Holyroodhouse, Edinburgh, Scotland, London, Buckingham
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.
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
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
London CNN —The Labour Party’s projected victory in the UK general election marks a historic moment in modern British political history and a huge personal triumph for Keir Starmer, the Labour leader who is set to become the country’s next prime minister. Starmer’s victory is all the more remarkable considering the journey that Labour has been on since the last general election in 2019. It was in this context that Starmer took control of a broken Labour Party on April 4, 2020. On that day, David Lammy, one of his Labour colleagues, took him to one side and warned Starmer: “Set yourself a 10-year cycle. There has for months been a working assumption that a Starmer victory would be in part thanks to a general disdain for the Conservatives after 14 years in power.
Persons: Keir Starmer, Jeremy Corbyn, Boris Johnson, Johnson, David Lammy, Starmer, , Lammy, , Liz Truss, Rishi Sunak, Critics, Donald Trump, Nigel Farage Organizations: London CNN, Labour, , Conservatives, Labour Party, Downing Street, Conservative Party, spook Conservative, Reform
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Though some say right-wing movements are on the rise globally, in this year's elections, that's not universally the case. Andy Soloman/UCG/Universal Images Group via Getty ImagesIn short, voters are just fed up — no matter who's in charge. Voters want a chanceGlobally, it's not hard to see an anti-establishment, anti-incumbency trend playing out. So-called "double haters" — voters who dislike both Trump and Biden — have made up an influential chunk of the electorate in recent polls.
Persons: , that's, Brian Greenhill, Rishi Sunak's, Andy Soloman, Greenhill, Keir Starmer, Rishi, Emmanuel Macron's, Narendra Modi's, Yoon Suk, Joe Biden, Donald Trump, de, Richard Wike, Sweden —, Wike, Mike Kemp, there's, Biden —, Biden, it's Organizations: Service, Business, SUNY, Environmental, Getty, Voters, Labour, Conservative Party, Reuters, African National Congress, NPR, de Maismont, Pew's, Research, Pew Research, Trump Locations: India, France, SUNY Albany, South Korea, , United States, AFP, Canada, Germany, Greece, Italy, Japan, Netherlands, Spain, Sweden, America
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
It's cool to be a finance bro — for now
  + stars: | 2024-07-04 | by ( Jordan Parker Erb | ) www.businessinsider.com   time to read: +3 min
It comes amid reports that White House staffers are being told to go heads down and " execute, execute, execute. " The big storyISO: A man in financeGetty Images; Jenny Chang-Rodriguez/BIIt's cool to be a finance bro — for now. AdvertisementThanks to a song in a viral TikTok video , finance bros have entered a period of resurgence. But it didn't take long to discover that finance bros were often the butt of the joke. So finance bros may be enjoying a moment in the cultural sunshine — but it likely won't last forever.
Persons: , I'm Jordan Parker Erb, Dan DeFrancesco, Donald Trump, Joe Biden's, Biden, We'll, Jenny Chang, Rodriguez, bro —, Megan Boni, It's, Maria Noyen, wasn't, Elizabeth Holmes, Theranos, Sam Bankman, Rishi Sunak —, Joey Chestnut, Jordan Parker Erb, Hallam Bullock, Amanda Yen Organizations: Service, White House, Business, Getty, bros, Trust Locations: New York City, Patagonia, Manhattan, New York, London
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
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
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
How Britain Changed Over 14 Years of Conservative RuleSince Britain’s Conservative Party took power 14 years ago, most things have not gone the way it planned. The Economy Has StagnatedAverage productivity growth has declined since 2010…0.0% 0.5% 1.0% 2.0% 2010 2015 2017 2019 2024 Source: Office for National Statistics. 2010 2015 2017 2019 2024 Source: N.H.S. 50% 60% 70% 80% 2010 2015 2017 2019 2024 Source: N.H.S. 2010 2015 2017 2019 2024 Source: Trussell Trust … and thousands more people are sleeping on the streets than in 2010.
Persons: Conservatives ’, England …, Boris Johnson, , Hong Kongers, Rishi Sunak Organizations: Conservative, Britain’s Conservative Party, Conservatives, Local, gov, Conservative Party, European Union, National Health Service, National Statistics, Institute for Public Policy Research, Public Services, Labour, Commons, Department, Loans Company, Higher Education Statistics, YouGov Locations: Britain, Thursday’s, Germany, United States, London, Ukraine, England, Rwanda, United Kingdom
The British Election
  + stars: | 2024-07-03 | by ( Mark Landler | ) www.nytimes.com   time to read: +1 min
But Britain is likely to emerge from the election as an outlier. While the electorates in other countries are shifting to the right, British voters are expected to evict the Conservative-led government after 14 years, in favor of the center-left Labour Party. In today’s newsletter, I’ll explain why Britain is zigging while others are zagging. It included harsh budget cuts after the financial crisis of 2008, the Brexit vote of 2016, the Covid pandemic and a revolving door of prime ministers. Liz Truss lasted less than 50 days after the financial markets turned savagely against her proposed tax cuts.
Persons: Nigel Farage, David Cameron, Boris Johnson, Liz Truss, Rishi Sunak Organizations: Conservative, Labour Party Locations: Europe, Americas, Britain
London CNN —British voters are heading to the polls Thursday for a crucial general election that is being seen as a referendum on 14 years of Conservative rule. The opposition Labour party suffered its worst defeat since 1935 in the last general election, but has since rebuilt itself under the leadership of Keir Starmer. Britain has had three Conservative prime ministers since the last general election in 2019, which Boris Johnson won by a landslide. News outlets are barred from reporting anything that could influence voters while polls are opened. An exit poll from British broadcasters will project the seat totals are soon as polls shut at 10 p.m. local time (5 p.m.
Persons: Rishi Sunak, Keir Starmer, Boris Johnson, Johnson, Liz Truss, Nigel Farage –, Brexit – Organizations: London CNN —, Conservative, Labour, European Union Locations: Britain, England, Wales, Scotland, Northern Ireland, British
How Britain’s political parties got their colors
  + stars: | 2024-07-01 | by ( Oscar Holland | ) edition.cnn.com   time to read: +6 min
While these are the only two parties with a realistic chance of winning the election, other smaller parties across the British political system offer a veritable kaleidoscope of differing — and sometimes duplicate — colours. The Liberal Democrats (orange), and Reform UK (turquoise) and the Green Party (you guessed it), are all vying for votes. Labour Party leader Keir Starmer during the launching of Labour Party election manifesto, in Manchester, on June 13, 2024. Among the smaller parties, color choices have sometimes been relatively straightforward – the Green Party uses green, unsurprisingly, due to its obvious connections with environmentalism. Ed Davey, leader of the Liberal Democrats, during an election campaign visit in Frome, UK, on May 30, 2024.
Persons: Sinn Féin, Dominic Wring, Rishi Sunak, Jeff J Mitchell, , Keir Starmer, Oli Scarff, Liberal Democrats —, Ed Davey, Hollie Adams Organizations: CNN, Labour, Liberal Democrats, Reform, Green Party, Scottish National Party, Northern, Wales ’ Plaid Cymru, UK’s Loughborough University . British, British, British Union of Fascists, Labour Party, Getty, Conservative Party, Liberal Party, Social Democratic Party, Lib, Bloomberg, UK Independence Party, Christian Democrats, Marijuana Party of Canada, Republicans Locations: Edinburgh, Scotland, Britain, British Union, Manchester, AFP, Frome, UK, Europe
Forty-eight hours before President Biden and former President Donald J. Trump clashed onstage in Atlanta on Thursday, the leaders of Britain’s two major parties, Prime Minister Rishi Sunak and Keir Starmer, went head-to-head in Nottingham, England. To say their debates were different doesn’t begin to capture the Atlantic Ocean-sized chasm that separated them. In content, tone and atmosphere, the British debate showcased two politicians in their prime, sparring over the issues — frequently heated, not without personal jabs, but focused on the policy nuances of taxes, immigration and health care. Neither Mr. Sunak, 44, nor Mr. Starmer, 61, brought up his golf handicap. But this week’s back-to-back encounters showed how sharply these democracies have diverged, at least in this election cycle.
Persons: Biden, Donald J, Trump, Rishi Sunak, Keir Starmer, Sunak, Starmer, Margaret Thatcher, Ronald Reagan, Bill Clinton, Tony Blair Locations: Atlanta, Nottingham, England, British, United States
Last year, Prime Minister Rishi Sunak said in a speech that he was proud to be Britain’s first prime minister of Asian heritage, but “even prouder that it’s just not a big deal.”On Friday, Mr. Sunak said he was “hurt” and “angry” after a man campaigning on behalf of Reform U.K., an anti-immigration party, was recorded on video using a racist slur to describe him. The same man also called for migrants to be used as target practice. The comments appeared in an exposé by Channel 4 News, in which an undercover investigator secretly filmed Reform campaigners in Clacton, a seaside area north east of London. The party’s leader, the veteran political disrupter Nigel Farage, hopes to win his first parliamentary seat there. The investigation, broadcast on Thursday night, raised uncomfortable questions about Reform, which has shaken up the country’s general election campaign ever since Mr. Farage reversed an earlier decision not to stand for Parliament.
Persons: Rishi Sunak, Sunak, , Nigel Farage, Farage Organizations: U.K, Channel Locations: Clacton, London
Five weeks ago, the British prime minister bet the house on his belief that a summer election might offer his Conservative Party a better chance of holding onto power than waiting until the fall. Calling a snap election served as Mr. Sunak’s last roll of the dice. Reviewing data from the week before Mr. Sunak’s announcement, bookmakers noticed a spike in bets being placed on the election date. The amounts being staked were small — totaling just a few thousand pounds — but the sudden frenzy of activity was enough to warrant further investigation. It also encapsulates how some parts of the electorate perceive the party that has governed Britain for 14 years.
Persons: Rishi Sunak’s, Sunak’s Organizations: Conservative Party, Conservatives Locations: Britain
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