Reports suggest U.K. Prime Minister Keir Starmer is expected to outline a timetable for his resignation, potentially ending his leadership after mounting political pressure.

His possible departure follows poor election results, weak polling, and growing dissatisfaction within the Labour Party.

Former Greater Manchester Mayor Andy Burnham is seen as the leading contender to succeed him after a recent by-election victory strengthened his position.

Several senior ministers, including members of Labour Party’s cabinet, have reportedly urged him to set an exit plan, though he initially vowed to stay and fight a leadership challenge, CNBC has reported.

If he steps down, Burnham could take over as Labour Party leader and prime minister, with markets already reacting cautiously to the political uncertainty.