British Prime Minister Keir Starmer has announced his resignation, confirming reports that circulated over the weekend regarding his imminent departure from Downing Street.
The announcement, made on Monday, marks a sudden and significant shift in the UK's political landscape, ending Starmer's tenure and triggering an immediate succession process within the Labour Party.
Financial markets reacted swiftly to the news, with the FTSE 100 experiencing heightened volatility as traders assessed the implications of a leadership vacuum.
The British pound weakened against major currencies, reflecting investor concerns over potential policy instability and the uncertainty surrounding the next prime minister's economic agenda.
Sterling's decline underscores the market's sensitivity to political continuity, particularly amid ongoing global economic headwinds.
Starmer's resignation comes after months of speculation about his standing within the party and the broader political establishment.