Exclusive: UK Election Aftermath, Keir Starmer 'Reset', Economy Fallout, and Growing Debt Crisis with Liam Halligan and Matt Goodwin

A deep dive into a historic moment in Britain

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Britain has just witnessed a truly historic set of elections. Reform UK finished in first place in England, second place in Wales, and joint second in Scotland. They captured 14 local councils, more than 1,400 local council seats, and won 3.8 million votes.

Along the way, Nigel Farage and his party inflicted enormous losses on Keir Starmer and the Labour Party in areas of the country that have been held by Labour for more than half a century, if not longer.

From Barnsley to Wigan, south Wales to Gateshead, Reform UK stormed into the Labour heartlands and emerged as the new working-class party in British politics.

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At the same time, the combined share of the vote for the Labour Party and the Tories, the two main parties in Britain for more than a century, collapsed, with the left populist Greens also making significant gains.

What is now crystal clear is that the country’s once stable, once predictable, two-party system is now rapidly fragmenting and imploding into something else entirely. The unwritten laws of British politics, in short, are being torn apart.

Which is why Labour Prime Minister Keir Starmer is now fighting for his political life, launching a ‘reset’ of his premiership and attempting to fend off increasingly assertive leadership challengers - most of whom want to steer the governing Labour Party much further to the economic left.

Unsurprisingly, the financial markets are also watching very closely, with the cost of servicing Britain’s debt spiralling in recent weeks and the spectre of a major debt and financial crisis now firmly on the horizon.

Which is why I am delighted to be joined today on the Stack by Liam Halligan, expert in all things connected to the economy and financial markets.

In our exclusive one-hour discussion, which was unfolding as Keir Starmer was giving his attempted ‘reset’ speech, we talk about everything: the election results, what caught our eye, the infighting within Labour, Reform’s strategy, the financial markets and what they’re watching, and why we do not think Starmer’s response is convincing.

Here’s a clip of me talking through just some of the election results:

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And here’s a very short clip of Liam talking through the looming debt crisis which he expects to intensify (and in fairness to Liam he has consistently been ahead of the curve on predicting the rising cost of servicing our debt and the likely fallout).

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Paid and Inner Circle subscribers can access the full, hour-long recording below.

And of course I’ll be talking about the ongoing fallout with you all during our weekly Live discussion every Friday. Now that we are back after the by-election and the book, and full-steam ahead, it’s a great time to upgrade and enjoy it all.