preCharge News POLITICS — U.K. Prime Minister Keir Starmer reiterated on Saturday that he plans to remain in office despite his ruling Labour Party suffering among its worst local election losses in decades.

“I’m not going to walk away and plunge the country into chaos,” Starmer told the BBC. “I think the right thing to do is to rebuild and show the path forward.”

The anti-immigration Reform UK party made sweeping gains in local councils in England, mainly at the expense of Labour, while Plaid Cymru won the most seats in the Welsh parliament, overturning decades of Labour rule.

The Scottish National Party also secured the largest number of seats in Scotland’s devolved parliament.

Economic Frustration Fuels Voter Backlash

Growth and living standards have stagnated in recent years, and Labour has faced growing public anger at the slow pace of economic reforms.

The local election results reflected deepening frustration among voters over the cost of living, public services and economic performance, increasing political pressure on Starmer’s leadership.

Calls Grow Within Labour for Starmer to Resign

Calls among some Labour Party members for Starmer to step down grew louder on Saturday.

“I know I speak for more Labour people than just myself in wanting him to step aside as our Leader,” former minister Catherine West said in a post on X.

Markets Closely Watch Political Stability

Bond investors have closely watched Starmer’s political future in recent weeks.

On Friday, yields on benchmark 10-year U.K. government bonds, known as gilts, were 4 basis points lower at 4.904% by 1:27 p.m. in London, moving downward after Starmer insisted he would not resign.

The local election results will not alter the balance of power in Westminster or remove Labour from government, but they highlight weakening public support for Starmer and his administration.

Starmer Appoints Gordon Brown to New Global Finance Role

Meanwhile, Starmer appointed former Prime Minister Gordon Brown as his Special Envoy on Global Finance and Cooperation on Saturday.

Brown served as U.K. prime minister from 2007 to 2010 and previously spent a decade as finance minister. He is widely credited with helping stabilize the international banking system during the global financial crisis.

Brown Tasked With Strengthening International Partnerships

According to a statement from the U.K. Cabinet Office, Brown will focus on developing international finance partnerships aimed at supporting defense and security-related investment.

The role will also include initiatives designed to strengthen Britain’s economic and strategic relationship with Europe as the government navigates rising geopolitical and economic pressures.

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Associated Press, CNBC News, Fox News, and preCharge News contributed to this report.