Britain goes to the polls today in local elections that are seen as a referendum on Prime Minister Keir Starmer’s leadership.

Starmer won a landslide in 2024 running from the center, but has since flip-flopped on key issues and alienated his base, a UK political journalist wrote in The New York Times. The UK is, meanwhile, struggling economically: Energy prices are soaring, long-term growth has lagged the US, and government borrowing costs are near 30-year highs.

Starmer’s Labour Party is running behind populist parties on both the left and right, while separatist or nationalist ones are surging, too. The potential electoral wipeout may spur a leadership challenge, with the political uncertainty likely further souring investors.