Prime Minister Updates

On Monday, Prime Minister of the UK Sir Keir Starmer announced his resignation from the position.

This comes two years after the Labour Party won the general election of 2024. Voting to decide the new leader of the Labour Party will begin on 9th July with aims of deciding by 16th July when the Government recess begins. Andy Burnham, the former mayor of Greater Manchester and MP for Makerfield, is the likely candidate with support from many cabinet members. 

Will this affect international trade?

Currently, there are no immediate consequences on shipping

• The Pound Sterling remains stable as financial experts had been preparing for his resignation.
• Keir Starmer is remaining in the role until a replacement is secured allowing a transition period. 
• Andy Burnham has announced he won’t be changing any fiscal rules if made PM.             

It is important to note this industry is largely dynamic and changes can happen at any time. Although no current changes to costs have occurred, political instability may cause uncertainty for shipping companies. Risks remain speculative currently, but it is important to prepare for the worst potential scenarios including the potential of cancellations, shipping rate increases and delays.