{"id":258700,"date":"2025-11-12T15:17:10","date_gmt":"2025-11-12T15:17:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/258700\/"},"modified":"2025-11-12T15:17:10","modified_gmt":"2025-11-12T15:17:10","slug":"pound-plummets-as-keir-starmers-future-in-number-10-under-pressure","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/258700\/","title":{"rendered":"Pound PLUMMETS as Keir Starmer’s future in Number 10 ‘under pressure’"},"content":{"rendered":"

The pound has plummeted amid growing speculation that Prime Minister Keir Starmer’s job is on the line following reports Health Secretary Wes Streeting is staging a coup on the Labour leader.<\/p>\n

Sterling slipped to $1.3103 against the US dollar this morning, the day after Office for National Statistics (ONS) data revealed unemployment data in the three months to September 2025 jumped to five per cent<\/a>.<\/p>\n

As a result, the UK currency has now fallen behind all expect the Japanese Yen and faces sell-off pressure ahead of an expected base rate cut from the Bank of England.<\/p>\n

On top of this, the Ftse 100 dipped in response to fiscal anxiety after inching closer to a record high 10,000 upon soaring 112 points yesterday.<\/p>\n

\"Keir<\/p>\n

The pound has plummeted amid speculation over Keir Starmer’s fate <\/p>\n

| <\/p>\n

GETTY \/ GOOGLE <\/p>\n

Simon Phillips, the managing director of No1 Currency, broke down the current state of sterling and why it likely compounds the existing pressure on Chancellor Rachel Reeves ahead of November 26’s Budget.<\/p>\n

He shared: “Pound, just like the Prime Minister\u2019s job security, is under pressure. Sterling has been on a losing streak this week, after a jump in unemployment led the currency markets to conclude that the Bank of England is set to cut interest rates next month to prop up Britain\u2019s flagging economy.<\/p>\n

“It fell further as rumours swirled of a plot by senior Labour Party figures to oust Sir Keir Starmer after the Budget. The pound has now fallen 6.1 per cent against the Euro since the start of the year, and this week it plummeted to its lowest level against the single currency in two and a half years.”<\/p>\n

The currency expert gave a stark warning to Britons planning any overseas trips during the festive period in light of the pound slipping against the dollar this past week.<\/p>\n

\"\\u200bBritish<\/p>\n

The Prime MIninsiter’s job is on the line following reports of a Labour coup <\/p>\n

| Reuters<\/p>\n

Mr Phillips explained: “While political intrigue might leave many Britons cold, it can hit them where it hurts when they travel. The pound\u2019s sharp fall against the Euro means that anyone heading to one of the 20 European countries that use the single currency will find their spending money won\u2019t stretch as far as it did.<\/p>\n

“If you\u2019re planning an escape to some winter sun and haven\u2019t yet booked your trip, you might consider looking at destinations beyond the Eurozone for better value. The pound has surged by 25 per cent against the Turkish Lira since this time last year, making Turkey\u2019s beach resorts even better value than before.<\/p>\n

“But against the Euro, the pound is firmly on the back foot, and this month\u2019s Budget could send it even lower. So if you\u2019ve booked a winter getaway to Europe but aren\u2019t travelling for a while, it might be worth picking up some foreign currency now to lock in the current exchange rates.<\/p>\n

“A month ago the tables were turned, when the Euro wilted as the French Prime Minister resigned, only to get his job back a few days later. While it\u2019s hard to forecast where exchange rates will go in future, never leave it to the airport to get your holiday cash. <\/p>\n

“And remember that rates can differ a lot between different travel money providers, so make sure you shop around to get the best deal and make your Pounds go further.”<\/p>\n

Richard Potts, an economist Bodford, noted that inflation and labour data are showing signs of softening which could trigger a base rate cut at the Bank of England’s next meeting; but not by enough.<\/p>\n

He added: “Markets had hoped for a more decisive downward revision reflecting recent inflation surprises and softer labour data – signals that would have strengthened the case for cuts sooner rather than later.\u201d<\/p>\n

“A softer labour market and cooling inflation have given the Bank breathing room, but not yet full confidence to ease.”<\/p>\n

\"Bank<\/p>\n

The Bank of England is slowly cutting the base rate <\/p>\n

| GETTY \/ CHAT GPT <\/p>\n

“For now, while the more dovish members of the MPC appear eager to get ahead of an economic cooldown, Governor Bailey seems inclined to wait for more evidence. With speculation swirling over potential tax and spending changes, that caution looks justified.<\/p>\n

“Much will depend on whether forthcoming budget measures prove inflationary or disinflationary. Targeted tax cuts, particularly on energy, could ease price pressures, while a repeat of last year’s measures that increased costs for businesses risk reigniting them.<\/p>\n

“If the budget delivers a credible path on fiscal tightening, enough MPC members could be persuaded to move in December.”<\/p>\n

The Bank of England’s next Monetary Policy Committee (MPC) meeting to discuss interest rates is scheduled to take place on December 18, 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"The pound has plummeted amid growing speculation that Prime Minister Keir Starmer’s job is on the line following…\n","protected":false},"author":2,"featured_media":258701,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,420,2053,2222,229,56,44208,54,55],"class_list":["post-258700","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-keir-starmer","tag-labour-party","tag-money","tag-politics","tag-uk","tag-uk-politics","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/258700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=258700"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/258700\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/258701"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=258700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=258700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=258700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}