LIVE: Streeting arrives for cabinet showdown in Downing Street

Sir Keir Starmer told his Cabinet that a leadership challenge ‘has not been triggered’ and ‘the country expects us to get on with governing’.

In a statement released by Downing Street, the Prime Minister told a meeting of the Cabinet:

As I said yesterday, I take responsibility for these election results and I take responsibility for delivering the change we promised. The past 48 hours have been destabilising for government and that has a real economic cost for our country and for families.

The Labour Party has a process for challenging a leader and that has not been triggered. The country expects us to get on with governing. That is what I am doing and what we must do as a Cabinet.

UK borrowing costs rose today, with 30-year gilts surging to 28-year highs

Britain was brutally pummeled by markets today as Labour chaos looks set to sweep away Keir Starmer.

The UK’s borrowing costs surged to 28-year highs with traders taking fright at the prospect of a lurch to the Left, heaping pressure on the public finances.

The Pound also weakened against the US dollar and euro, while the blue-chip FTSE 100 dropped.

Just two years after they came to power boasting of a new era of stability, a Labour civil war is gearing up as the PM’s grip falters in the wake of the local elections.

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by Mark Duell, Deputy Chief Reporter (Digital)

With Keir Starmer facing mounting calls to resign, it seems like the chances of the Prime Minister leading his party into the next election are approaching zero.

And social media users are reacting to Sir Keir’s premiership entering freefall today as they post a series of tongue-in-cheek memes making light of the situation.

Some compared his situation to the Black Knight from Monty Python, a character who refuses to let King Arthur pass despite having all his limbs chopped off.

Others recalled the famous line ‘Infamy, infamy, they’ve all got it in for me’, spoken by Kenneth Williams as Julius Caesar in the 1964 comedy film Carry On Cleo.

There was a meme of Hugh Grant as the PM in Love Actually, captioned: ‘Centre Left Labour backbenchers reveal their choice to replace Starmer as Prime Minister.’

Another posted an image of Steve McClaren on Sky Sports News, joking that the former England manager was saying ‘he doesn’t think the PM’s going anywhere’.

Daily Mail columnist Dan Hodges predicts the situation over Sir Keir Starmer’s leadership will become ‘ugly’ after the Prime Minister insisted he was going nowhere.

In a follow up post, Dan says the strategy behind Starmer’s defiance is to split the rebel camps hoping to oust him.

Dan writes: ‘Starmer’s strategy is to try and split the rebels. Challenge Streeting to move, then say to Burnham supporters “force me out if you like, but then you don’t get your man”.’

by James Tapsfield, UK Political Editor

The end looks nigh for Keir Starmer today as he faces a Cabinet showdown amid an overwhelming Labour revolt.

The PM’s grip on power appears to be slipping after members of his top team – said to include Home Secretary Shabana Mahmood – privately urged him to make a graceful exit in the wake of disastrous local elections.

Miatta Fahnbulleh joined the rebellion this morning, becoming the first minister to quit calling for Sir Keir to go.

Significantly, one of Sir Keir’s closest allies Darren Jones said he would not ‘get ahead of any decision’ when asked whether the PM would lead the party into the next election.

Paul Foster, Labour MP for South Ribble in Lancashire, has become the latest to urge Sir Keir Starmer to quit.

Writing on social media, he said:

Unfortunately, after much reflection, the Prime Minister’s speech yesterday did little to reassure me that he has the vision needed to reconnect with the country and rebuild public confidence under his leadership.

We need a leader with the vision to take us into the next chapter; someone who can rebuild trust, reconnect with communities across the country and provide the sense of optimism and hope that people are crying out for, while delivering the change we promised in our manifesto.

It pains me to say this because I am a loyal person by nature, and I do not come to this conclusion lightly. But it is with great regret that I believe the party now needs a change of direction and, ultimately, a new leader.

Health Secretary Wes Streeting has arrived at Number 10.

He glanced over at reporters but did not respond as questions were shouted by journalists.

Meanwhile, Defence Secretary John Healey was among the ministers who arrived on their own.

Streeting has today been accused of launching a coup against the Prime Minister and will be considered one of the frontrunners in any potential leadership contest.

Former Labour shadow chancellor John McDonnell has accused Health Secretary Wes Streeting of launching a coup against Sir Keir Starmer.

Writing on social media, the left-winger said:

I called for time for serious discussion, no precipitous coup & fully democratic process if leadership election.

Instead Wes Streeting has launched coup for fear of a democratic process & whilst candidates are blocked. Handing leadership to Mandelson’s protege is gift to Reform.

Here are some pictures of Cabinet ministers arriving in Downing Street this morning.

Photographers captured Liz Kendall walking alongside Peter Kyle, Steve Reed, David Lammy with Richard Hermer and Darren Jones.

Housing minister Miatta Fahnbulleh has resigned and called on Sir Keir Starmer ‘to do the right thing’ by setting out a timetable for his departure from Downing Street.

In her resignation letter, Ms Fahnbulleh said the Government had not acted with ‘vision, pace and ambition that our mandate for change demands of us’.

Read her letter below:

Good morning and welcome to our live coverage on what could be a hugely monumental day for Sir Keir Starmer’s premiership.

The Prime Minister’s Cabinet entered Downing Street this morning ahead of a crunch meeting which could determine Sir Keir’s future.

Sir Keir is under mounting pressure to quit following Labour’s disastrous local election results while a make or break speech yesterday failed to yield much support.

Stick with us as we bring you the latest on this developing story.