- UK PM Keir Starmer resigns and will remain a caretaker until Labour selects a new leader.
- With Burnham, the UK is set to have its seventh Prime Minister in just the last 10 years.
- On June 22, the Bank of England rolled out new rules for sterling‑pegged stablecoins.
UK Prime Minister and Labour leader Keir Starmer officially announced his resignation after less than two years in office. He said he’ll stay on as caretaker until Labour picks a new leader. Starmer reportedly already informed King Charles III about his decision.
Labour will open leadership nominations on July 9, with a new leader expected before Parliament resumes in September.
It seems the resignation was a culmination of multiple issues, after Labour won by a landslide in 2024. The main complaints include weak economic growth, the cost of living, strained public services, immigration, and infighting within the party. These factors led to bad local election results and constant pressure from Labour MPs.
Andy Burnham as a Possible Successor
The most likely successor for the next Prime Minister looks to be Andy Burnham, who recently won a parliamentary seat in the Makerfield by-election and was widely expected to challenge Starmer for the leadership. Instead of forcing a direct showdown, Starmer chose to step aside.
Former Health Secretary Wes Streeting is reportedly passing on a challenge and throwing his support behind Burnham instead, which gives Burnham a big boost. This is especially notable, considering Streeting had said he’d run in any leadership race for prime minister.
Generally speaking, Burnham is seen as more populist than Starmer, more focused on regional growth, a better communicator, and more likely to push back against the Westminster establishment. That said, he has yet to lay out any detailed plan for the national economy.
Markets have remained relatively calm so far, but investors will be watching Burnham’s economic positioning closely.
Interestingly, with Burnham, the UK is set to have its seventh Prime Minister in just the last 10 years.
Crypto in the UK and Burnham’s Pro Crypto Stance
Compared to Starmer and his recent crackdown on crypto, Burnham is one of the few top Labour politicians who has come out in favor of digital assets. During his speech at the Manchester Blockchain Alliance event, he talked about economic and social progress, and how Web3 could be a democratisation of it all.
As for the UK itself, in April, the FCA confirmed the country’s broader crypto regulatory framework is moving forward. Companies can start applying for authorization in September 2026, and the full system is scheduled for implementation in October 2027.
Coincidentally, on June 22, 2026, the Bank of England rolled out new rules for sterling‑pegged stablecoins. Major updates include the removal of earlier plans to limit how much each person and business can hold stablecoins and setting a £40 billion cap on total issuance for systemic stablecoins.
It’s still unclear how Starmer’s resignation will affect crypto in the UK (and possibly wider), but the country remains one of Europe’s largest crypto markets, with approximately 4.5 million crypto owners and 91% public awareness of crypto assets.
Related: Britain Targets Crypto Firms Linked to Russian Financial Operations
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
