Update (0800ET): After hitting 28-year highs earlier in the week, UK gilt yields are lower as UK PM Keir Starmer said he had no plans to step aside as Labour leader after early results in local elections showed Nigel Farage's populist Reform UK racking up sweeping gains over Britain's governing party.

Cable is also stronger against the dollar...

The Polymarket prediction platform showed punters paring bets on a Starmer departure this year, giving a 57% chance of the premier exiting by Dec. 31, down from 70% on Thursday.

UK's Milliband reportedly told PM Starmer he should consider setting out a timeline for his departure, via Times.

The sources said Miliband made the suggestion during a private meeting with the prime minister about a fortnight ago.

But, for now, Starmer is staying:

"These are really tough results — I'm not going to sugarcoat it," Starmer told broadcasters on Friday, while resolving to stay on as prime minister until the next election.

"The voters have sent a message about the pace of change, how they want their lives improved. I was elected to meet those challenges, and I'm not going to walk away from those challenges and plunge the country into chaos."