Voting in the 2024 UK General Election will take place on Thursday, July 4.
Labour has won the UK General Election securing a huge majority as Rishi Sunak conceded defeat.
Labour have gained 412 seats while the Conservatives have lost more than 20 per cent of the vote they received in 2019, including many Cabinet Ministers and former Prime Minister Liz Truss.
Keir Starmer has formally been appointed as Prime Minister after meeting King Charles at midday on Friday.
Polls opened nationwide on Thursday, July 4, at 7 a.m. and closed at 10 p.m. The exit pole at 10 p.m. predicted Sir Keir Starmer’s party won with an estimated overall majority of 170 seats.
The results of General Election rolled out over the early hours on Friday morning. Labour has gained 412 seats, the Conservatives came second with 121, followed by Liberal Democrats with 71.
There are still two seats left to be called out of the 650 seats.
City A.M.
is covering the election live throughout the day, as well as the breaking business news.
This page will be updated with stories, commentary and opinions as the day goes on, so make sure to bookmark the page and stay tuned for all our coverage.
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Chris Dorrell
Starmer appointing Cabinet
Keir Starmer is in the process of naming his first cabinet after securing a landslide victory.
So far Angela Rayner is the only role to be confirmed. She was named secretary of state for levelling up, housing and communities and will also serve as deputy Prime Minister.
Rachel Reeves will probably be named as the first female Chancellor in the coming minutes. David Lammy is expected to be foreign secretary, Yvette Cooper home secretary and Wes Streeting the health secretary. Jonathan Reynolds will likely be the business secretary.
Chris Dorrell
FTSE 100 in the red but midcap index maintains gains
Equities lost some momentum on Friday afternoon, with
London’s blue-chip index
moving into the red following the election results while the midcap FTSE 250 made gains.
The results
confirmed that Labour won a massive majority while the Conservatives look set to slump to the worst performance in their history.
The FTSE 100 was trading 0.50 per cent lower around 3pm at 8,200.47 having made gains earlier in the day. The midcap FTSE 250 in contrast rose 0.82 per cent to 20,779.03.
Angela Rayner is the first Labour MP to meet Prime Minister Keir Starmer at No 10. She is expected to be the first person to be appointed to his Cabinet – it is tipped that she will be deputy Prime Minister.
Maria Ward-Brennan
Anglo-Irish relations
Sinn Fein president Mary Lou McDonald has said the General Election result creates “a major opportunity to improve relations between Britain and Ireland”.
She said: “Sinn Fein is determined to build a constructive relationship with the new Labour government.”
“We look forward to working positively with British Prime Minister Keir Starmer on the many shared priorities for Ireland and Britain during this historic time of renewal.”
Maria Ward-Brennan
Keir Starmer makes first speech as PM outside Number 10
Prime Minister Keir Starmer has urged Brits to join his government of “service”, as he arrived in Downing Street as Prime Minister, following Labour’s landslide election victory.
The full story on the newly appointed Prime Minister’s speech
here
.
Maria Ward-Brennan
“You have given us a clear mandate, and we will use it to deliver change to restore service and respect to politics, end the era of noisy performance, tread more likely on your lives, and unite our country, all nations, standing together again, facing down.”
“As we have so often in our past the challenges of an insecure world committed to a calm and patient rebuilding so with respect and humility, I invite you All to join this government of service in the mission of national renewal. Our work is urgent, and we begin it today.”
“Thank you very much,” Starmer concluded his first speech as Prime Minister.
Maria Ward-Brennan
“Have no doubt that we will rebuild Britain with wealth created in every community. Our NHS back on its feet, facing the future, secure borders, safer streets, everyone treated with dignity and respect at work,” Starmer stated.
He continued: “The opportunity of clean British power, cutting your energy bills for good and brick by brick, we will refill the infrastructure of opportunity the world class schools and colleges, the affordable homes that I know are the ingredients of hope for working people, the security that working class families like mine can build their lives around.”
Maria Ward-Brennan
“Changing a country is not like flicking a switch. The world is now a more volatile place. This will take a while, but have no doubt that the work of change begins immediately,” the new PM said.
Maria Ward-Brennan
“If you voted Labour yesterday, we will carry the responsibility of your trust as we rebuild our country, whether you voted Labour or not.”
“In fact, especially if you did not, I say to you directly, my government will serve politics can be a force for good. We will show that we’ve changed the Labour Party, returned it to service, and that is how we govern, country first and party second.”
Maria Ward-Brennan
Prime Minister Keir Starmer arrives at No 10 along with his wife Lady Victoria Starmer, greeting supporters, activists and campaigners.
“I have just returned from Buckingham Palace, where I accepted an invitation from his Majesty the King to form the next government of this great nation,” he says in his first speech.
“I want to thank the outgoing Prime Minister Rishi Sunak, his achievement as the first British Asian Prime Minister of our country, the extra effort that that will have required should not be underestimated by anyone.”
Emmanuel Nwosu
Labour’s thumping majority provided some impetus to stocks this morning, with economists hoping that the landslide result could spark important economic reforms.
Watch the video below to see how the UK markets reacted to Labour’s victory over the Conservatives.
Maria Ward-Brennan
Buckingham Palace said in a statement: “The King received in Audience The Right Honourable Sir Keir Starmer MP today and requested him to form a new Administration. Sir Keir accepted His Majesty’s offer and kissed hands upon his appointment as Prime Minister and First Lord of the Treasury.”
The newly appointed Prime Minister Keir Starmer is on route to 10 Downing Street, where he will make his first speech.
Maria Ward-Brennan
Sir Keir Starmer has become Prime Minister after an audience with the King at Buckingham Palace.
Inflation has fallen fairly rapidly over the last few months, hitting two per cent in June. As a result markets expect the Bank of England to start cutting interest rates in the next couple of months, either in August or September.
Minutes from June’s meeting showed that it was a “finely balanced” decision, suggesting that the
Monetary Policy Committee (MPC)
is readying a cut.
Sir Keir Starmer has arrived at Buckingham Palace to ask the King permission to form a government and to become Prime Minister.
Maria Ward-Brennan
Sir Keir Starmer is expected at Buckingham Palace for the ‘kissing hands’ ritual with the King.
Meanwhile, 10 Downing Street has been filling up with supporters who are poised to greet Starmer upon his return from his meeting with the King.
He will then make his first speech as the new Prime Minister.
Jon Robinson
Outgoing Prime Minister Rishi Sunak has arrived at Buckingham Palace to formally tender his resignation to the King after the Conservative Party’s huge General Election loss to the Labour Party.
Mr Sunak was joined by his wife Akshata Murty and was greeted at the King’s door by Sir Clive Alderton, principal private secretary to the King and Queen, and the King’s equerry Commander William Thornton, Royal Navy.
He is expected to leave privately and unseen with his family after the audience with the King.
Jon Robinson
Rishi Sunak concluded his farewell speech by acknowledging the “difficult days” of the election campaign and pointing to the British values of “kindness, decency and tolerance”.
Ending his last statement as Prime Minister, he said: “One of the most remarkable things about Britain is just how unremarkable it is that two generations after my grandparents came here with little, I could become Prime Minister. And that I could watch my two young daughters light Diwali candles on the steps in Downing Street.
“We must hold true to that idea of who we are. That vision of kindness, decency and tolerance that has always been the British way.
“This is a difficult day at the end of a number of difficult days. But I leave this job honoured to have been your Prime Minister.
“This is the best country in the world. And it is thanks entirely to you, the British people, the true source of all our achievements, our strengths and our greatness.
“Thank you.”
Jon Robinson
Rishi Sunak said he was “proud” of his achievements and believes the UK is “more prosperous, fairer and resilient than it was in 2010”.
The Prime Minister cited the negotiation of the Windsor Framework and efforts to support Ukraine during his premiership.
“I’m proud of those achievements. I believe this country is safer, stronger and more secure than it was 20 months ago,” he said.
“It is more prosperous, fairer and resilient than it was in 2010.”
Jon Robinson
Rishi Sunak has arrived at Buckingham Palace to tender his resignation as Prime Minister to the King.
