New U.K. Prime Minister Could Make BOE Rate Cuts Even Less Likely -- Market Talk

Dow Jones05-06

1435 GMT - If U.K. prime minister Keir Starmer stands down after Thursday's local election, whoever replaces him could favor more increases in business costs or looser fiscal policy, Berenberg's Andrew Wishart says in a note. This would further lessen the prospect of the Bank of England cutting rates and thereby undermine GDP growth, he says. However, bond markets will still discipline any prime minister, suggesting a new administration would recommit to the current government's fiscal plan to keep markets onside, Wishart says. U.K. money markets were pricing in rate cuts prior to the Iran war but are now pricing in rate hikes due to high energy prices. (edward.frankl@wsj.com)

(END) Dow Jones Newswires

May 06, 2026 10:35 ET (14:35 GMT)

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