Streeting Quits, Simons Steps Aside for Burnham Bid; UK 100 Falls 1.2%

UK 100 drops 1.20% on May 15 amid deepening Labour crisis after Health Secretary Wes Streeting's resignation and MP Josh Simons' departure, potentially paving Manchester Mayor Andy Burnham's path to Commons and Starmer challenge. The turmoil erupted from Labour's May 7-8 local election rout—losing nearly 1,500 English councillors, ousted from Wales power, Reform UK gaining over 1,400 seats—sparking gilt yields to 5.11% (10-year) and 5.8% (30-year), UK 100 -0.9% on May 12, and flat +0.03% on May 13. Over 70 MPs demand Starmer's exit; oil spike to $108.49/bbl adds pressure as markets eye chaos.