New Delhi, May 13 -- The British pound, stocks and markets are in turmoil. U.K. Prime Minister Keir Starmer is battling to save his job, and the prospect of yet another leadership change is spooking the U.K.'s government debt market.

The yield on the 10 Year Gilt rose 9 basis points to 5.09% on Tuesday. The yield on the 30 Year Gilt jumped 9 basis points to 5.76%, hitting its highest level since 1998.

Stocks and the pound were also suffering. London's flagship FTSE 100 index slid 0.4%, while sterling dropped 0.5% against the dollar to trade at $1.35.

Starmer sought to quell an internal rebellion on Tuesday after more than 80 lawmakers from the ruling Labour Party called for him to quit. The prime minister told his cabinet that he would...