Dhaka, May 19 -- Whether it keeps Keir Starmer as Prime Minister or replaces him with the likes of Greater Manchester mayor Andy Burnham, Britain's Labour Party faces a near impossible task: it needs a bold policy pivot ahead of the 2029 election to reunite its shrinking coalition of northern working class voters and London's progressive professionals while bringing bond markets and backbenchers onside. The housing market may offer the key.

Last week's speeches by both Starmer and King Charles III underscored this government's greatest flaw: a diffuse economic programme spanning pledges to seek alignment with the European Union, invest in rail, fight climate change and nationalise steel production. Rather than concentrating on a few sect...