UK election: Labour secures majority, Sunak concedes defeat, resigns

Keir Starmer
Britain’s incoming Prime Minister Keir Starmer and leader of the Labour Party, and his wife Victoria pose on the steps of 10 Downing Street in London on July 5, 2024. Henry Nicholls/AFP/Getty Images

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.”

ALSO READ: Millions head to polls in UK’s first July election dince 1945

Labour does not have much headroom in terms of fiscal changes, economist says

Meanwhile, an economist has said that Labour does not have much headroom in terms of fiscal changes.

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.