PM defends record as Badenoch says he squandered election win

Political tensions in Westminster ahead of regional and local elections next week are likely to increase short-term political risk for UK markets. The House of Commons voted 335-233 not to refer the prime minister to the Privileges Committee, removing an immediate institutional threat but leaving lingering questions about political capital and government stability. Labour says it has delivered policies such as a youth employment guarantee, higher defence spending and measures to reduce child poverty, while Conservatives claim fiscal strains from welfare spending. Market-relevant points: higher defence spending could benefit defence-oriented firms, rising food-price pressure (cited at +10% this year) may weigh on consumer spending and input costs, and perceived political fragility could increase volatility for the UK 100 (FTSE 100) ahead of next week’s polls.