Trial now
USDCAD TECHS

Needle Still Points South

US TSYS

Yields Bounce as Equities Make New Monthly Highs

AUDUSD TECHS

Heading North

EURJPY TECHS

Bull Rally Accelerates

COLOMBIA

Economists Survey Raises 2021 CPI Forecast To 4.9%

Sign up now for free access to this content.

Please enter your details below and select your areas of interest.

Leader of the opposition Labour Party Sir Keir Starmer has announced this morning in a meeting of the shadow cabinet proposed changes to the way the Labour Party elects its leaders, how sitting MPs can be de-selected by constituency associations, and how motions are heard on the floor of the party conference.

  • Starmer has suggested the party revert to its 'electoral college' system of electing party leaders, where Labour MPs, trade union affiliates, and party members get a say, rather than the current 'one member, one vote' system brought in under Ed Miliband. This system is seen as the primary reason behind the leadership election win for left-winger Jeremy Corbyn in 2015. A reversion to the old system would give MPs (generally a more centrist bloc than unions or the grassroots membership) a greater power in electing leaders.
  • For moderates, the return of an electoral college would calm fears of another far-left candidate emerging to take control of the party. However, for the left of the party and many of the trade unions, it could be seen as a centrist stitch-up intended to keep power in the hands of the moderates.
  • The proposals also seek to raise the threshold for triggering a de-selection process as the constituency level and among the parliamentary Labour party.
  • These proposals have already been criticised by some of the UK's largest trade unions, and set the stage for a feisty and bitter party conference in Brighton from 25-29 September.