Kate Devlin

Northern (Irish) powerhouse. Whitehall Editor, The Independent.

[Kate Devlin @_katedevlin]

EXC hearing an ex-minister set to seek the 80 names needed to run for Labour leadership if no other hopefuls  come forward by Monday.

#starmer

[Kate Devlin @_katedevlin]

Another war being waged in Downing Street...

[PoliticalPics @PoliticalPics]

Bad news for Dear Larry @Number10cat Larry this morning has been dived bombed by a pair of Jays that hang about over the No10 door as Larry appears they attack forcing him back inside.

[Kate Devlin @_katedevlin]

Interesting line in the Mandelson files that Lord Mandelson warned Starmer not to recognise Palestine before a key meting with Trump.

More here 👇

https://t.co/nBMRPCHPSl

[Kate Devlin @_katedevlin]

In the Mandelson files ...

Peter Mandelson told the science minister Lord Vallance that Pat McFadden (now the work and pensions secretary) was "not a power house"...

[Kate Devlin @_katedevlin]

Business minister Chris Bryant has described it as "understandable" given the Royal Family's prior involvement in trade affairs.

More here 👇

https://t.co/0Lmokma01b

[Kate Devlin @_katedevlin]

New: Labour MP Sarah Owen, who chairs the Commons Women & Equalities Ctte, hits out at the last Labour gov's decision not to vet Prince Andrew before he became a trade envoy.

She tells me: “Everyone should be subjected to the same due diligence, with no exceptions.”

[Kate Devlin @_katedevlin]

NEW: It is on - Burnham is the candidate in Makerfield

(h/t @MaxKendix)

More on our live blog ...

https://t.co/pJIrEiELXx

[Joe Pike @joepike]

NEW: Josh Simons is no longer the MP for Makerfield.

"The Chancellor of the Exchequer has this day appointed Joshua Cameron Simons to be Steward and Bailiff of the Three Hundreds of Chiltern."
https://t.co/TvI2NvdXiH

[Kate Devlin @_katedevlin]

More here on our politics liveblog. 👇

https://t.co/r0NaiAtNGu

[Kate Devlin @_katedevlin]

Asked about Wes Streeting on Sky, Lisa Nandy accuses him of 're-opening the Brexit wars'.

She also dubs his rejoin call ‘odd’ after Reform's local elections showing last week.

[Kate Devlin @_katedevlin]

Another Streeting ally resigns

[Paul Hutcheon @paulhutcheon]

EXC: Labour health minister Zubir Ahmed quits the Government as he calls for the Prime Minister to resign.

[Kate Devlin @_katedevlin]

Support for Starmer from Lord O'Neill (ex-Tory Treasury minister who advised Reeves).

He tells me that Labour MPs trying to oust him now "when the fiscal position is so risky seems mad.”

👇

[Alex Wickham @alexwickham]

BREAKING: Top investors warn Britain faces a Liz Truss-style bond market revolt if Labour ousts Keir Starmer

Michael Pfister, FX strategist at Commerzbank: “The goal of a balanced budget is likely to falter should a less fiscally conservative candidate take over. And in recent years, we have repeatedly seen situations where the British government bond markets came under pressure and the pound followed suit. This time, the situation is unlikely to be any different.”

Cathal Kennedy, senior UK economist at RBC Capital Markets: “I think this morning there is a 2022 feel toward this, with the Prime Minister carrying on as normal while all indications show he has lost his authority in the party.”

Craig Inches, head of rates and cash at Royal London Asset Management Ltd: “The market is now pricing almost four rate hikes for the UK which it can’t withstand. Whoever replaces Starmer will not be able to borrow more money via gilts regardless of what they say.”

Mohit Kumar, chief economist and strategist for Europe at Jefferies: “Any replacement would likely be left-leaning and be negative for the long end of the curve and the currency. We maintain our steepeners and short position in sterling.”

Jordan Rochester and Evelyne Gomez at Mizuho: “We’ve been looking for 10 year UK gilts to sell off towards 5.15% by year end for quite some time, but this political drama accelerates the timeline, and we could see a move toward 5.20% until the political situation is settled and/or 5.35% in extreme stress.”

Laura Cooper, global investment strategist and head of macro credit at Nuveen: “Gilts are increasingly behaving like a real-time referendum on fiscal and political credibility, aggravated by the recent move higher in oil prices.”

Roger Lee, head of equity strategy at Cavendish: “Even if Starmer resigns the political uncertainty is unlikely to end as internal rivalry within the Labour Party ramps up. To stabilize the gilt market the government may have to commit to the fiscal rules and the only candidate seemingly prepared to do that is Wes Streeting.”

James Athey, fund manager at Marlborough Investment Management Ltd: “The last thing that Gilts needed was weakness in the US treasury market. Now we’ve got potential for the ceasefire to collapse, the US doing some fiscal expansion all on top of the utter domestic shambles that is UK politics.”

[Kate Devlin @_katedevlin]

RT @BethRigby: EXCLUSIVE: Jess Phillips, safeguarding minister, resigns from govt

[Kate Devlin @_katedevlin]

Just bumped into a former Tory spad in PCH - who was joking that today's moves against a sitting PM "are like PTSD".

[Beth Rigby @BethRigby]

Breaking: first ministerial resignation- Minister for devolution faith and communities Miatta Fanbulleh has quit

[Kate Devlin @_katedevlin]

Allies of Catherine West say she is confident she will get enough MPs who agree with her call to make a leadership contest inevitable.

[Kate Devlin @_katedevlin]

More on Catherine West’s letter to Labour MPs in our live blog here 👇

https://t.co/7JboTyJ3fv

[Kate Devlin @_katedevlin]

Catherine West officially fires starting gun on leadership challenge to Keir Starmer

But says wants contest in September.
Time enough for Burnham?

[Kate Devlin @_katedevlin]

Catherine West tells MPs: “*I am hereby giving notice to No10 that I am collecting names of Labour MPs to call on the Prime Minister to set a timetable for the election of a new leader in September.*

[Kate Devlin @_katedevlin]

Also says of Starmer “I have reluctantly concluded that this morning’s speech was too little too late”.

[Kate Devlin @_katedevlin]

“Unless Keir Starmer goes, Nigel Farage will be our PM”: Catherine West writes for The Independent.
https://t.co/6vdZDZvd6U