MNI BRIEF: China CPI Expected To Rise Moderately - NBS

MNI BRIEF: China Aug Output, Investment Hit Lowest Of The Year

MNI: PBOC Net Injects CNY138.7 Bln via OMO Saturday

CHINA AUG INDUSTRIAL OUTPUT +4.5% Y/Y VS MEDIAN +4.6% Y/Y: NBS

CHINA PBOC CONDUCTS CNY138.7 BLN VIA 7-DAY REVERSE REPOS SAT

MNI BRIEF: Turkish Central Bank Sees Further Disinflation

EZ/UK Bond Supply Calendar: Slovakia Auction, BoE APF on Monday

MNI BRIEF: China Aug M1 Drops Further To Hit Record Low

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

PM Starmer Faces Down First Backbench Rebellion, Suspends 7 MPs

UK
Homepagemarkets-real-timePolitical RiskPolitical Risk BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsPolitical Market News

Prime Minister Sir Keir Starmer has faced the first backbench rebellion of his tenure in office after seven of his Labour party MPs voted in favour of a motion put forward by the pro-independence Scottish National Party (SNP) to end a policy that denies parents access to claiming certain child welfare benefit payments for more than two children.

  • Former Shadow Chancellor John McDonnell, Richard Burgon, Ian Byrne, Rebecca Long-Bailey, Imran Hussain, Apsana Begum and Zarah Sultana - all from the far-left of the Labour party and most associated with former leader and now independent MP Jeremy Corbyn - voted for SNP motion. They have subsequently had the Labour whip withdrawn for six months, meaning they will sit as independent MPs.
  • The failure of the SNP motion to the end to the cap - a policy that would cost an estimated GBP3bn - does not mean the issue has gone away. As the BBC reports, "...there are many more Labour MPs who are opposed to the two-child benefit cap. [...] A government source said Labour's policy [...] had been agreed going into the election [...]The government has said it is not prepared to make "unfunded promises" by abolishing the cap."
  • The decision to suspend the MPs could stave off any further rebellions with MPs - notably those hoping of ministerial careers - wary of angering the party leadership. Alternatively it could see a galvanising among MPs on the left of the party displeased with Starmer's centrist stance, and more willing to speak out once the 'honeymoon period' following the landslide election win has ended.
262 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Prime Minister Sir Keir Starmer has faced the first backbench rebellion of his tenure in office after seven of his Labour party MPs voted in favour of a motion put forward by the pro-independence Scottish National Party (SNP) to end a policy that denies parents access to claiming certain child welfare benefit payments for more than two children.

  • Former Shadow Chancellor John McDonnell, Richard Burgon, Ian Byrne, Rebecca Long-Bailey, Imran Hussain, Apsana Begum and Zarah Sultana - all from the far-left of the Labour party and most associated with former leader and now independent MP Jeremy Corbyn - voted for SNP motion. They have subsequently had the Labour whip withdrawn for six months, meaning they will sit as independent MPs.
  • The failure of the SNP motion to the end to the cap - a policy that would cost an estimated GBP3bn - does not mean the issue has gone away. As the BBC reports, "...there are many more Labour MPs who are opposed to the two-child benefit cap. [...] A government source said Labour's policy [...] had been agreed going into the election [...]The government has said it is not prepared to make "unfunded promises" by abolishing the cap."
  • The decision to suspend the MPs could stave off any further rebellions with MPs - notably those hoping of ministerial careers - wary of angering the party leadership. Alternatively it could see a galvanising among MPs on the left of the party displeased with Starmer's centrist stance, and more willing to speak out once the 'honeymoon period' following the landslide election win has ended.