The government’s cost-of-living advisor has cautioned the Labour party against excessive focus on internal politics while expressing support for Keir Starmer to continue as Prime Minister. Richard Walker, the head of Iceland frozen food chain, endorsed Mr. Starmer amidst ongoing speculation about his leadership. This endorsement followed a brief meeting between Mr. Starmer and Health Secretary Wes Streeting, a potential leadership contender, at Downing Street.
Lord Walker, appointed by the Prime Minister as the government’s Cost of Living Champion, criticized the current political discourse as unproductive, emphasizing the need to address real issues like the cost of living instead. He highlighted the importance of stability for businesses amid the ongoing debate surrounding Sir Keir’s leadership.
The potential impact of a leadership change on government policies is closely monitored by businesses, with concerns arising about the cost of borrowing. The recent political uncertainty has led to fluctuations in UK gilt yields, with expectations of prolonged high-interest rates. Financial markets are also wary of the potential impact on Chancellor Rachel Reeves if Sir Keir steps down.
In his capacity as the Cost of Living Champion, Lord Walker has been vocal about various issues affecting families, including criticizing fuel companies for raising petrol prices following the Iran war.
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