The UK’s opposition Labour Party secured a decisive parliamentary majority in the general election, unseating the incumbent Conservatives after 14 years in power.
In the early hours of Friday morning, Labour surpassed the threshold required to govern alone, prompting outgoing PM Rishi Sunak to concede defeat.
Sunak subsequently left Downing Street and resigned as leader of the Conservative Party.
Keir Starmer, leader of the centre-left Labour, will become the country’s next prime minister and declared victory in the early hours.
“We did it,” he said, addressing his Labour colleagues. “You campaigned for it, you fought for it — and now it has arrived … change begins now.”
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Jari Stehn, chief European economist at Goldman Sachs, discusses the economic and fiscal landscape in the U.K. with CNBC as Labour wins the 2024 general election.
