LONDON, May 14 (Reuters) – The pound dropped on Thursday, as a political crisis in the UK escalated with the resignation of health minister Wes Streeting turning up the heat on Prime Minister Keir Starmer.
Starmer is under pressure to resign over hefty losses for the ruling Labour party in last week’s local elections.
Sterling fell as much as 0.2% to $1.3502, having traded around $1.351 prior to the news.
The pound fell to 86.68 pence per euro, from 86.66 earlier.
Britain’s 10-year UK gilt yield was down 4.3 basis points on the day at 5.026%, from around 5.05% earlier in the day, while London’s blue-chip FTSE stock index was last up 0.38%.
(Reporting by Amanda Cooper; Editing by Dhara Ranasinghe)
