International Finance

UK Election Results: Labour Party registers landslide victory as Keir Starmer set to become next PM

IFM_Keir Starmer
Rishi Sunak had earlier conceded defeat and said he had called Keir Starmer to congratulate him on his victory

Keir Starmer has pledged to bring change to Britain as the next prime minister after his Labour Party achieved a monumental victory in the UK Parliamentary Election. This brings an end to 14 years of often tumultuous Conservative government.

The centre-left Labour Party is expected to secure a large majority in the 650-seat Parliament, while Rishi Sunak’s Conservatives are poised to suffer their worst performance in the party’s long history. This comes as voters penalize them for a cost-of-living crisis, failing public services, and a series of scandals.

Keir Starmer, in his victory speech, said, “Change begins now. We said we would end the chaos, and we will, we said we would turn the page, and we have. Today, we start the next chapter, begin the work of change, the mission of national renewal and start to rebuild our country.”

Rishi Sunak, who managed to retain his seat in the Parliament, had earlier conceded defeat and said he had called Keir Starmer to congratulate him on his victory.

“Today power will change hands in a peaceful and orderly manner, with goodwill on all sides. There is much to learn and reflect on and I take responsibility for the loss to the many good hardworking Conservative candidates…I am sorry,” Rishi Sunak said.

Despite winning convincingly, polls have shown that there is little enthusiasm for Keir Starmer or his party. He is coming into power at a challenging time for the country.

Britain’s tax burden is projected to be the highest since just after World War Two, net debt is almost the same as annual economic output, living standards have declined, and public services, including the National Health Service, are struggling, with strikes plaguing the healthcare system.

He has already had to reduce some of Labour’s ambitious plans, such as its main green spending commitments, while also promising not to increase taxes for “working people”.

“I don’t promise you it will be easy. Changing a country is not like flicking a switch. It’s hard work. Patient, determined, work, and we will have to get moving immediately,” Keir Starmer added.

The Conservative Party suffered significant damage due to the influence of the right-wing populist Reform UK Party, led by Brexit campaigner Nigel Farage. His strong focus on reducing immigration played a major role in this.

Keir Starmer has pledged to do away with the Conservative’s controversial policy of sending asylum seekers to Rwanda. However, given the significant attention on migration in the upcoming election, he will face pressure to find a solution to the large number of people arriving from France on small boats.

Following the election, the Conservative Party immediately began debating and pointing fingers over its future direction. Some argued that the party’s failure was due to moving away from the centre ground, while others believed that Reform UK had won over voters who felt the party had abandoned its roots.

Reform has captured four seats, with Nigel Farage himself finally being elected to Parliament at his eighth attempt, and won more votes than the Conservatives across swathes of the country.

“There is a massive gap on the centre-right of British politics and my job is to fill it, and that’s exactly what I’m going to do. Believe me, folks, this is just the first step of something that is going to stun all of you,” a jubilant Nigel Farage said.

The surge in support for a populist alternative reflects similar trends in Europe, where the far right has been gaining momentum. In contrast to France, where Marine Le Pen’s National Rally party made significant gains in the recent election, the British public has favoured a centre-left party for change.

Keir Starmer has pledged to improve relations with the European Union to address the issues arising from Brexit, while far-right politicians are experiencing success. However, even though they are against Brexit, rejoining the EU is not up for consideration.

He might have to collaborate with Donald Trump in the United States if he wins the presidential election in November. The former US President had already congratulated his friend and supporter Nigel Farage through his social media platform Truth Social.

While he has promised to bring about changes within the country, Keir Starmer has pledged to continue London’s unwavering support for Ukraine in its conflict with Russia. On many international issues, his policies are similar to that of the outgoing Britain PM.

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