my life. we said we would end the chaos, and we will, we said we would turn the page, and we have. today, we start the next chapter and begin the work of change. the mission of national renewal and start to rebuild our country. ♪ welcome to our special coverage of the uk election. we are live in london from westminster, downing street and the city and these are your headlines. keir starmer's labour party secures a landslide majority as voters punish the conservatives

now on track for their lowest ever total. >> the british people have delivered a sobering verdict tonight. there is much to reflect on and i take responsibility for the loss. a huge night for nigel farage. his populous uk reform uk party won close to 15 pors% of the nal vote which split the vote. liberal democrats had a good night as well in picking up seats in conservative territory. they had their biggest gains since 1923. >> we want to be your champions. we've listened to you and we've heard you loud and clear. rishi sunak prepares to officially resign with a speech around 10:30 london time before keir starmer is officially appointed the uk's new prime minister.

investors give their take on labour's landslide victory. we have the house names making gains in early trade while banks come under pressure. congratulations roll in from world leaders with ukraine president volodymyr zelenskyy saying he looks forward to working together on international peace and security. right. keir starmer will become the next prime minister walking through the famous door of 10 downing street later this morning. a couple of hours space between the removal vans for rishi sunak and his family, and, indeed, the labour leader speaking outside, although, if it is raining here, he will do a rishi sunak and get

drenched. the labour party secured a landslide win after 14 years of conservative rule. starmer's labour won 410 seats. that is well above the 326 needed in the parliament with labour on track for the largest majority of any party since the new labour secured victory in 1997 under tony blair. >> the mandate like this comes with great responsibility. our task is nothing less than renewing the ideas that hold this country together. national renewal. whoever you are, wherever you started in life, if you work hard, if you play by the rules, this country should give you a fair chance to get on. it should always respect your contribution and we have to

restore that. >> the night delivered historic defeat for the right-wing conservative party now standing at 120. that leaves the party set to record the lowest seat total in its history. where do those seats go? to labour, but some picking up seats from the conservatives, in particular, reform with four seats. we have a new mp in nigel farage. the greens party having a fairly terrific night as well. a lot of suggestion which dominated for years, but stretching beyond as well and in scotland, a washout for the snp is what we saw. i want to take you from what we heard from rishi sunak. the conservative party leader and outgoing prime minister, rishi sunak, takes responsibility for the crushing defeat. >> the labour party has won this general election and i called

keir starmer to congratulate him on his victory. today, power will change hands in a peaceful manner which should give us con ifi in a peaceful manner which should give us con idence in our country's stability. the british people have delivered a sobering verdict tonight. i take responsibility for the loss. to the many good, hard working conservative candidates who lost tonight, despite their tireless efforts, their local records of delivery and the dedication to their communities, i am sorry. >> rishi sunak, again, will speak outside 10 downing street as prime minister at 10:30 london time before meeting the king to resign. keir starmer will travel to 10 downing street at 12:20. let's get to arabile.

arabile, this might be a soggy exit for sunak, but the heavens have opened all morning and transition to a little bit of clouds or sunshine when keir starmer takes the lecturn. >> the weather may give favor to whoever it feels. you are quite right with regards to the timing, karen, to make note of. an hour and a half anticipated for the speech to come through as the leader of the conservative party rishi sunak. keir starmer anticipated also to put forth his statement as he ascends to prime ministership. 11:00 a.m. is the time that has been put murmurs that

rishi sunak is at 10 downing street. that is what we are hearing at this time. it will be interesting to get a sense from him, again, how he feels these losses will impact the conservative party moving forward. does he continue to remain the leader of the party or do some of the others who maintained their seats, jeremy hunt, will he, perhaps, step up to try to lead the back benches of the house of common or will they be willing to stand back and let the labour party lead or will this be a ferocious fight for the next four years to try to come back a stronger party? a lot of expectations put forward. we are, of course, waiting outside here for that speech then to get a clear sense of what exactly is to happen and the timing from keir starmer and what he intends to do, particularly, in his first 100

days. the question mark is how quickly will they try to begin to change things in the uk. >> right, let me pick up there. we have the wonderful tones of one of the -- one of the protesters who never accepted the brexit from 2016. you hear that in the background throughout the next interview. we have the director of chatham house. thank you for being here. you have seecn it all in britis politics. what do you make of the last 24 hours sfwh. >> this was quite a night. it really is a moment of change. it's a long one in a real moment of change and it is throwing out the conservative party after 14 years and, yet, no one quite knows the importance of what is going to come next. >> the labour party got the lower share of the vote than

when jeremy corbyn lost to theresa may in 2017. there isn't a widespread falling in love with what labour have to offer. they have a lot of seats. they have a few years to crack on with their program. >> they won on by a small margin. they won, partly, because the right is now split. the conservatives owon years fo years, and now it is split on with the right and moderate conservatives and reform which took a lot of the national vote, about 15%, and that's the thing that can maybe labour relax at the moment and think conservatives have a lot of sorting out to do on that side. the question still stands what is labour going to do? there are all kinds of expectations on them. >> as we saw with the victory that boris johnston got last time around. it would have taken enormous

change for them to lose which they have lost convincingly. farage and clapton last night said we are waiting for 2029 almost. like marine le pen in france, we will talk about her later on, this is a longer-term story. labour which is representing the center left, has a finite amount of time. >> keir starmer has campaigned for weeks now with one word, change, on the placards behind him. people are expecting change and he has to deliver on that quickly. he is absolutely right. there was a point in the pandemic where vaccines were rolled out successfully and the conservatives were riding high. it is almost into three years they slumped. >> they were falling further? >> absolutely.

disappointment on many fronts with the cost of living and the sense of just wanting someone to fix the things about the country that are broken and the investment of low interest rates and that feeling has gotten powerful. >> we have a couple of questions from the studio. my colleague karen. >> it is around reform. what we saw overnight, the four seats that nigel farage's party picked up and the bbc making a point of 70% of votes for brexit and it tells you the strength of the brexit vote. as we have a labour party which is seeking to have further conversations with europe, what further mileage can they have? we heard the europeans rejected have your cake and eat it scenarios. >> it's all to play for. i think you're absolutely right in the thrust of your question. there may not be very much keir

starmer gets if he doesn't accept freedom of movement and other people that follow from the single market or what would follow from the customs union of scrapping the trade agreements that britain has done on its own and gone back to the european set of rules. he made it clear. he can talk about defense cooperation and he can talk about things of veterinary rules which sound like pets, but is more farm and vegetables. its european counterparts are not trying to poison each other with sausages. it sounds like and i'm surprised during the campaign that the sharpness of the labour reaction of rejecting of freedom of movement of young people. it didn't sound during the campaign that labour was going there. we still have to find out and i think you're quite right there

is a europe-shaped hole in the campaign. people haven't wanted to talk about it in the uk parties. now they have to. >> and now in the defense industrial policy, i want to pick up on foreign policy because at a time we have so much in geopolitics playing out and hot wars and conflicts, what is it considered at the ballot box? >> it figured on gaza. we can see that in several races whether candidates supporting urgent action on gaza. one gave the incumbents a very, very tough run. i think that is something that keir starmer will have to address quickly. both the pressure in his own party and in washington saying we don't like all these things you've been saying, but recognizing how the language seems a bit far from the u.s. on

this. he will have to work out his position this. on ukraine, it is the nato summit next week and there will be pressure from the uk to say keir starmer, you aim to spend 2.5% of gdp on defense. when exactly are you going to do this? with other countries wobbling a bit on what they might spend for ukraine and at a key time for ukraine, he will come under pressure there. he is also under pressure from his chancellor not to make a huge commitment on money when there is so little around. >> so many issues to talk about. the former head of m-1-6, saying he is disappointed it wasn't ment mentioned. we will talk about geopolitics with you in a moments time and the strong issues for keir starmer and the issue is partners with a lot of european

leaders who are wobbling after the elections. we'll talk about this with you in a few moments time. director at chatham house. in the meantime, i have not seen how the ftse is going, karen. it is up .20%. 8, 259. a modest particular higher. we will take a look at that in a moment. where you have seen stronger reaction is the midcap space. the ftse 250 is rallying at this hour. the labour inn herits and look the gilt market. we are lower on the yields as we moved past the initial election count. 4.16. the long end is 4.17. it is toward the five-year that we see the change in the

debt-to-income ratio. 4.02 is the five-year. the labour's tax and pending plans will raise 8.5 billion pound a year. applying vat to the private school fees and applying a tax on the energy. an extra 3.5 billion pounds will go to the green energy plan. it will be following by borrowing. it will balance with no day-to-day botrrowing. the tax to the public will remain at a post-war high. a look at sterling. we saw positive reaction. stronger is the trade on cable. we see a weak dollar play out. we are up po.10%. the banks are tracking lower now. it has been a very strong trade

with the uk banks so far this year. the give back taking place in hsbc and selling setting into barclays and also santander. a couple of patches of green in the bank. analysts still expect profits to take a hit under the new government particularly on the consumer end. labour will explore lower-term mortgages. analysts say that may just be the beginning of the party looking to tip other financial services back in faevor of the consumer. perhaps interest rates, too, still a massive story with banking profits. i want take you to the home builders. this is the top of the ftse 100. the trade at 3.5% in the green.

it was positive. it is growing still. 1.9 in retro. building 1.5 billion new homes across the next five years. that is equal to 300,000 new homes per year. double the number of homes completed each year over the past decade. the last time that level of home building was seen in this country was in the 1960s. home prices have come down on a month by month basis. i want to mention the energy stocks because they have seen selling in the first hour or some of trade. further increase in the windfall taxes. this is some of the utility trade. shell bp at the bottom of the ftse 100. coming up, more market reaction today and global leaders and including ukraine's volodymyr zelenskyy offer their congratulations to keir starmer. we'll discuss that next.

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a big day in the wash-up of the uk election. others to look at, too. germany's coalition has struck a deal with the conversations with the scholz party and the greens and makeup of the spending plans. the three parties are due to discuss the plans later this morning. we are setting up the weekend in france. the far-right national party is falling short of the national majority. after more than 200 candidates withdrew from three-way races to form a republican front. according to the new poll ifop, it will win below the threshold. the survey placed the new popular front at 235 to 270

seats. back to uk. keir starmer has a difficult back drop. starmer has described the uk commitment to the nuclear deterrent as absolute and membership to nato as unshakeable. it will layout the defense spending plans after conducting a full review of the threat level. starmer will travel to the nato summit in washington next week on his first international trip as prime minister. a look at some of the key defense stocks today. you can see modestly higher at 1.6%. former mi-6 chief spoke to us and stressed the importance of defense spending. >> my position would be they have to do it. i think i'm rather -- disillusioned by the campaign of the general election because national security and defense were not primary issues, and in my view, it should have been at the forefront of the debate.

it is obvious why they weren't, but it should have been. the kconservatives had 2.5% of gdp. the phrase was can we afford it. the reality is they have to afford it straightaway and you have to make tough choices. maybe spending on the health service should not be absolutely a priority when compared with defense. that's my background and my experience. >> the ukrainian president wasting no time. volodymyr zelenskyy volodymyr zelenskyy congratulated keir starmer on his win and the uk and ukraine will work together on security of peace. french president emmanuel macron congratulated starmer and said they would work on peace and

security as well as a.i. the canadian prime minister justin trudeau, said we will work on fair security. and australia's antony albanese wrote on x, congratulations to my friend, keir starmer, on his resounding election victory. what about foreign affairs and the labour party? we have the director of chatham house. you have discussed this at chatham house as well. how comfortable is keir starmer and his defense team and policy team on international affairs? >> it hasn't featured in this election. it doesn't mean it is not there. there are all kinds of decisions looming on china, for example. do they agree to buy electric vehicles and solar panels and let those into the uk? cheaper and greener. it might come with security

risks and rachel reeves was at the chatham house pushing this question of how does economics and foreign affairs fit in together. cheapness is not a reason for buying it on its own. you could see the tension in the different bits of policy. >> that is fascinating. we have not had the first cabinet meeting. it was meteoric if she is not. that is a good reason why people buy evs as people want to do something for the planet. without the chinese evs, there is a case that the european and u.s. alternatives, it will be expensive. people will not sponsor the global relvolution she is lookig for without a cheaper product. >> that's right. without the economic growth she wants as well. people need energy to get that

going. >> what about the relationship with china? that is an issue. i was referencing with you off camera. the golden age. george osborne and david cameron with the liberal democrats. it didn't go well, that golden relationship. >> china has changed. that is one factor that has changed. president xi jinping is coming in with an aggressive stance on pretty well everything about trading relationships and about relationships of china around the world and its claim to the seas around it. really different tone from what was before. so, britain and others have had to recalibrate how they deal with china, but i think there is much more acknowledgment of the threat that china can be now and desire for data and information on the society. much more than in the golden

era. >> it is safe to say the european parliamentary elections have caused all kinds of issues. the french have the extraordinary situation comparable to rishi sunak calling the election and emmanuel macron calling the parliamentary election. >> one of the most extraordinary stories in the past few months. >> macron weakened. he's not out. he'll be president until 2027 as well. he doesn't know what kind of government he is working with now. how is the relationship between united kingdom and europe going to look given we know they want closer ties and they don't go back to the single matter. they like to do that, but they will not revisit brexit as well. how will those relationships pan out? >> it depends what happens in the french parliamentary elections. we are days away from knowing the second round. it is marine le pen's far-right party that wins the most seats

there. the left and the center are trying to do a deal at the moment to standdown various candidates to shut out the far right. we have to see. a distracted france is not good for the uk. if macron is working with a party he really detests from the far right, that is a -- >> the far left. >> that is also true. less risk, but true. his distraction is putting it mildly and makes it much harder for the uk to do small deals on france with fish or cross border things that come up. >> it is not getting top dollar? >> certainly not at chatham house. >> thank you for joining us. pleasure to speak to you. the director at chatham house. let me move on because we are now going to -- i have to read that. we have to head out to silvia who is on the banks of the

thames for a look at what is coming up. silvia. we are looking at the house builders and up next, we take the pulse of the economy and monetary policy. stay with cnbc and join us after this break. what is cirkul? cirkul is what you hope for when life tosses lemons your way. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the effortless energy that gets you in the zone. cirkul, available at walmart and drinkcirkul.com.

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we said we would end the chaos and we woill, we said we would stop and we will. the mission of national renewal and start to rebuild our country. welcome to our special coverage here on cnbc of the uk general election. we are live across london and these are your headlines. keir starmer's labour party secures a landslide majority as voters punish the conservatives now on track for their lowest total ever. >> the british people have delivered a sobering verdict tonight. there is much to learn and

reflect on and i take responsibility for the loss. the liberal democrats are picking up seats in former safe kif party. the highest moment since 1923. a keir starmer's party wins the national vote. >> something fundamental is happening. there is a massive gap on the center right. my job is to fill it. that's exactly what i'm going to do. rishi sunak preparing to formally resign with a speech around 10:30 london time before keir starmer officially takes up residency as prime minister of the uk. and the investors give their take on labour's landslide victory. house builder names make gains in early trade while the ftse 250 hit the highest level since

april 2022. well, what an extraordinary time in uk political history we just witnessed overnight. the labour party secured a landslide election win, a landslide election win, but with lower vote than jeremy corbyn in 2017. isn't that extraordinary? anyway, some stats are historic. keir starmer is set to be confirmed as the uk prime minister later today. the night saw the conservative slide to their worst ever result in an election with a falling turnout and increased popularity for smaller parties. those smaller parties didn't necessarily win more seats in westminster, but what they did was change the landscape by taking votes from the

conservatives which meant, karen, the conservatives lost in places they've never lost in and former prime minister, liz truss, winning in norfolk which doesn't know any other color than blue. >> kensington as well. let's talk about the smaller parties. the scottish national party has lost status and holding nine seats. down 38 as labour gains dominance. the liberal democrats gained seats in the heartlands. it is up 63 on 2019. the leader ed davies had a colorful campaign. what he had was paddleboarding and bungee jumping and spinning tea cups. he wants to be the champion of its voters.

>> i don't know if you can tell, i rather enjoyed this campaign. what i love most hasn't been the paddleboarding or the bungee jumping, it's been speaking to people here in kinston and across the united kingdom and the challenges they face and their hopes for the future. many of them have turned to the liberal democrats, in some cases, for the first time of this election and we want to be your champions. we've listened to you and we've heard you laoud and clear. >> i did miss a few. swing dancing and outdoor aerobics and sand castles and a few more. it was quite a campaign. nigel farage has secured a seat at the tent. farage won on a night which has seen his reform uk party secure

more than 14% of the national vote and four seats. >> something very fundamental is happening. it is not just disappointed with the conservative party, there is a massive gap on the center right of the politics. my job is to fill it and that's exactly what i'm going to do. there is no enthusiasm for labour. there is no enthusiasm for starmer whatsoever. half of the vote is an anti-conservative vote. this labour government will be in trouble very, very quickly. we will, now, be targeting labour votes. we're coming for labour. be no doubt about that. >> what do you do if you are potentially wanting to take over from rishi sunak in a leadership challenge posted overnight with the problems of the conservatives, but you lost your seat? the answer is not a lot. you cannot be the prime minister or the shadow leader of the opposition if you are not a conservative mp. that's how it works.

eight cabinet members with the chances lost their seats, including grant shapp. he would have look at a run for the opposition. gillian keegan lost her job. alex chalk is out. penny maorgan. she helped charles ii is coronation. she is out. she cannot be the next conservative leader. then, she missed out as well. perhaps, not perhaps, but definitely, the highest profile of the conservative collapse was prime minister liz truss. as i mentioned, southwest norfolk doesn't know any color other than blue. why did she lose? reform uk took the best part of 10,000 votes off her and split the vote and let labor in.

keir starmer inheritsan economy that's okay, modestly recovered from the shallow recession it's lived in the last two years. uk gdp rose 0.7% in the quarter. inflation returning to the 2% tar target in may. the bank held the policy rates on hold and a rate cut could be coming as early as next month. well, i caught up with the former bank of england depuuty governor and asked about his likely member rachel reeves. >> she is both on fiscal policy and monetary policy. you know, she may want to change a few definitions. maybe persuade the bank to pay slightly different rates on the debt. all of that could be modestly

helpful in her fiscal problem, but that is what she's got to give her attention to. so far, it is a question of what do i say and she has been quite cautious in that. now she's got to decide what to do. >> what does the city think? silvia has been our point person on that all day and has a guest from jefferies now. >> that's right. a moment to take the pulse of the uk economy and the future. i'm pleased to say we the economist at jefferies. >> good morning. >> i like to get your opinion on the outcome of the election. a strong win for the labour party. what does it mean for the uk economy? >> i think the first is stab stability. we had four prime ministers over

the last five years. that's been a lot of change in government, but also in terms of policy. i think having that stability will be very important and be very supportive for foreign investment and business investment directly in the uk. the second thing i would say is the size of keir starmer's majority means he is likely able to push through some of the really important supply side reforms needed in the uk. we've seen the kind of policy he has on house building, for example, i think there are lots of areas the labour party will improve because of the fact they have a big majority. >> so, they are growth friendly? >> i would say they are broadly growth friendly. there are more elements we need to know about, but especially in terms of the supply side, it is supportive of growth. >> what about the fiscal headroom here? we know that it is quite emitted and you need to spend and

invest, right? where should labour prioritize spending in order to create growth, but without upsetting the markets? >> this is a important question to address over the next couple years. thinking about if there are any areas of public investment they can put funds into that will ultimately improve the output of the uk. areas such as infrastructure is really important, especially for the uk where we have fallen back in investment trinfrastructure. that is an important area to support growth in the coming years. >> looking at monetary policy, give us your thoughts of what to expect from the bank of england? now this is over, what can we expect from the boe? >> i think the boe is clearer in the political risk and what we

can see from the june meeting in the minutes, was some members of the mpc were close to supporting a cut. i think it's quite likely when we go into the august meeting, some close to supporting a cut, will move into firmly supporting a cut. we expect the bank of england to begin to cut interest rates in august. they will go in 25-basis point clips in august. they will again in november. another monetary policy report and potential move in december. three cuts we see over the course of this year and then going to next year, we think around 100 basis points of cuts. i think for the mpc, there are risks. you look at the numbers and it is coming back down to target. services inflation is still close to 6%. that is not something that can really be sustained. at the same time, if we see the boe cuts, there is still some things that need to start to moderate for the boe to be able

to cut. >> so interesting you say that because earlier this morning one guest suggested that geopolitics is one that fuel inflation more and create pressure on the boe, too. ultimately, do you think that is a risk for the bank of england going forward and inflation could creep up again? >> i think for the uk, it is a small, open economy and so many factors impact inflation, not just the boe. inflation risks is important. when you look at the risks we face around the world, of course, a heightened risk to feed through to inflation. at the moment, most of the data we're seeing suggests for example that oil prices remain contained as well as food prices. they always remain a risk. >> let's see what's going to happen. thank you for your time this morning. the economist at jefferies. back to you. >> silvia, thank you very much

for bringing us the interview. coming up on the show, keir starmer will become the next uk prime minister as labour party sees the bgeigst landslide victory since 1997. the fuel you need to take flight. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul is your gateway back home. so what is cirkul? it's your water, your way. cirkul, available at walmart and drinkcirkul.com.

let's take a look at some of the market reaction we're seeing in europe on the back of the uk election. not quite some of the early gains forecast on features which saw the market up .40%. not quite getting there. in terms of the french market with the second round of the french elections over the weekend and that market is higher. curious to see the bulk away from the risk and that is on the german stock market. that market up .8%. i want to take you to the foreign aexchange market. the sterling-dollar at 127.26.

e euro-dollar at 108.76. it has taken some of the shine off the greenback. we have non-farm payroll today. that could change the narrative if we see another strong market on the labor market. i want to take you to gilts. big question of spending patterns in the uk with the incoming labour government and if they can balance the books. yields this morning are slightly lower. 4.15% of the short end. let's get out to arabile. he is down at downing street fr flanked by reporters everywhere. it has been a long night already. a lot of journalists wanting to hit the sack and get 40 winks before the event. it will happen fairly quickly today through the course of

lunchtime. >> reporter: unlike other democracies, this kind of happens very quickly considering some of the other elections you see in place and the change of power happens within hours of it all coming together. of course, we are outside reporting and just last night as that exit poll had announcing that you would see what has now been confirmed, pretty much, as the landslide victory for the labour party. interestingly enough, the wait and see is amounting to jeremy hunt officially leave number 11 downing street here not so long ago. his family and including his dog, were actually all set to leave number 11 and have certainly done so. that is the one part as the economic structure is bound to change then. the key question marks are about the economy in this campaign and how that will necessarily

change. will keir starmer ultimately with the supposition with rachel reeves speak about the uk economy and growth prospects and reform are they looking to put forward. on the other side, we are still anticipating rishi sunak, the outgoing leader, to come through in an hour's time to really give a clear message as to his resignation and then, of course, go and resign officially to the king, king charles. then keir starmer is expected to take up residency at 10 downing. that will happen midday or just after, karen. >> arabile, it is fair to say we will see a lot of new faces, not just with the labour party, but the tory party and the dems and greens.

a ton of fresh faces coming into politics. for me, what is interesting, we had the sweep to the left and a very large map with a heap of red on it at this point. what whe have seen is a large amount of yellow and i mentioned green as well. in the speech we heard earlier from keir starmer, he was talking about the fight for trust as the battle that defines our age. almost suggesting there has been fragmentation of politics if you look under the hood here. what is the challenge over the next number of years for labour so it is a two-term government they're talking about? >> reporter: yeah, so that is going to be the interesting element is how do you secure the second term. the question mark is would uk politics give starmer the full four years? he has 100 days to prove to the uk citizens he is the man to actually liead the country

forward. those are significant question marks. if all of the questions are answered of how he will necessarily change the uk economy and grow the uk economy and also try to spend as much as possible without increasing taxes as he promised in the campaign and if he is able to do all all that, then one can lead on and winning the hearts and minds of many. the question is the back benches and conservative party are going to be hounding. they will be chomping at the bit to be back in this seat ultimately around four years' time. if that comes to fruition, is a lot of debate and question marks and it will all hinge on policy. we speak on policy, just next week, we anticipate to hear from keir starmer as leaders, of course, come through and later on this month as well with the european political communities also meeting in the uk.

we will be unpacking that one for you, too. is the message coherent enough for world leaders and with the wars that are happening in the middle east and russia and ukraine as well. all of those and how does uk play its role and get closer to the eu as the party has made note of to try to better trade for the uk and ultimately increase its potential as a country. >> arabile, let's talk about what's happening in about 30 minutes time. we are expecting the speech from rishi sunak. already we heard from him overnight when he was talking at his seat. he mentioned it was a difficult night and sobering verdict. what are we expecting here? he suggested he is spending the next weeks and months ahead spending more time with those around him. that sound ed like he was going to stick around. will he stick around as a politician and as an mp? >> reporter: we don't know for sure, ultimately, right?

as you said that, karen, in hths hit, we saw a motorcade step in and wondering if that is for his departure or incoming of keir starmer as well. all of that will be interesting. let's remember there are a few people within the conservative party who will probably want to lead the party forward to try to get them back into number 10 downing. whether they will be able to do that or will rishi sunak or ultimately stay as conservative leader? so many questions still at play here and i think everybody might be vying for that number one spot. >> arabile, thank you. that's the end of our special coverage. "worldwide exchange" is up next. we are back in 30 minutes time for rishi sunak's speech.

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you are looking at a live shot of 10 downing streets with the changing of the guard as the labour party wins the election in the landslide unseating the conservative rishi sunak who is expected to address the uk this hour and offer his resignation to king charles. the pound sterling is higher. stock markets around the world are mixed. futures here in the u.s. also a bit mixed. we have