Wednesday 13 May 2026 5:42 am | Updated: Tuesday 12 May 2026 5:15 pm
Why the battle for Labour’s future could prove to be very expensive
By: Christian May Editor-in-Chief
Amid the farce and drama, spare a thought for His Majesty, who will today sit on the throne in the House of Lords and read out details of Keir Starmer’s legislative agenda for the coming parliamentary term. The monarch may be above politics, but not so far above that he won’t see the absurdity of giving voice to the plans of a man who may be out of office by the end of the week – or the end of the summer. The spectacle of the King’s Speech might, I suppose, serve to provide some solidity during a period of chaos, but it will be an illusion. A theatrical interlude.
Even if Starmer benefits from the division of his critics (they cannot agree on a successor) he will now lead a party whose factional disputes are reminiscent of the Tories at their most impulsive. In his painfully lacklustre speech on Monday, Starmer said he would stay in order to “fight for the soul” of this country, but it’s the soul of the Labour party that’s now up for grabs whether he stays in office or not.
Labour factions scramble to assert themselves
Yesterday, 100 Labour MPs signed a letter saying Starmer should stay. Just shy of the same amount have said he should go. Plenty of others are keeping their powder dry, even accounting for the 150 or so who (at the time of writing) hold a government role. Of those calling for the PM to go, some favour Andy Burnham while others want Wes Streeting. These tensions are erupting into view and will dominate politics for months.
Amid this game of Westminster snakes and ladders, policy debate is also getting spicier. Two groups of Labour MPs representing different strands of the party have launched policy documents: the left-wing Tribune camp and the more centrist Labour Growth Group. Broadly speaking, the former wants wealth taxes, subsidies and looser fiscal rules while the latter favours tax cuts to boost employment and policies that favour “work and enterprise.” It’s a healthy debate to have, but coming as it does during a period of political crisis, the stakes are very high.
MPs in the Tribune group would probably prefer an Andy Burnham premiership with flavours of Angela Rayner, and that’s not a combination that would calm the bond markets. As Labour’s factions scramble to assert themselves, we could all end up paying the price.
