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When Sir Keir Starmer became Labour leader in 2020, few ever believed he would become prime minister.

The party was reeling from its worst performance at the ballot box since 1935, riven by internal divisions, under fire over its record of tackling antisemitism and facing a seemingly unassailable Boris Johnson atop an 80-seat majority.

Sir Keir was billed as the Neil Kinnock of 21st-century Labour: the man who would do the hard yards of rehabilitation to get Labour back into the running for whoever came next.

But an extraordinary set of events changed all of that: a global COVID pandemic, the largely self-inflicted collapse of the Johnson administration, and the debacle of Liz Truss’s 44 days in office.

All the political capital won at the ballot box in 2019 has long been spent, and the Sunak government is now in huge deficit.

Labour, ahead in the polls for the past 15 months, is now 28 points ahead, according to latest YouGov polling. Rishi Sunak may have calmed the chaos. But he isn’t closing the gap.

The Tories are in despair. As one former cabinet minister ruefully remarked to me: “Oppositions don’t win elections, governments lose them, and we are f*****.”

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Sir Keir, who said back in 2020 when he became Labour leader that he had a mountain to climb to turn things around before the next general election in 2024, now has the summit in sight.

Gifted the climbing kit by his political adversaries, he now wants to use the rest of this year to build his own case with voters who might have fallen out of love with the Conservatives but are still unsure about him.

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‘Tide is turning on SNP and Tories’

‘Five missions’ to answer the big question from voters

Recent polling suggests that when voters are asked what Sir Keir’s Labour stand for, the most common answer is “don’t know”.

But today, Sir Keir is aiming to begin to answer that question during a major speech in Manchester.

He will outline the five “missions” that will form the backbone of his 2024 manifesto. His themes are the economy, climate change, the NHS, skills, and law and order.

The actual policies are being closely guarded – but senior Labour sources are promising that Sir Keir will offer up measurable goals and timelines for achieving those around economic growth and climate change today.

Five point plans and pledge cards are nothing new. At the beginning of the year, Rishi Sunak set out his five promises to voters for the remainder of his term in office – to grow the economy in 2023, halve inflation, cut debt, stop small boats, and cut NHS waiting lists.

In the run up to the 1997 general election, Tony Blair had a pledge card with five very specific policies he would deliver: from cutting cut class sizes to 30 to promising not to raise income tax rates.

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Sir Keir Starmer meets Ukraine’s president

‘More about blue-sky thinking than real-life retail politics’

But this speech is not about that, say senior Labour sources. Sir Keir’s missions will be different to specific pledges. “They are about long-term objectives,” a senior Labour figure said.

“They will be the chapters in the manifesto.

“We’ll then have specific pledges about how we deliver the mission.”

If the mission is, say, a commitment to high economic growth, the pledges that will follow set out how to accomplish that mission.

So today will be more about blue-sky thinking than real-life retail politics. Those around Sir Keir insist that this is not a knee-jerk reaction to Mr Sunak’s own mission statement for the next 18 months – also five points – but rather a framework for governing.

It is, if you like, going back to his theme of ending “sticking plaster politics” and trying to expand on what he means when he talks about a Labour government embarking on a “decade of national renewal”.

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Labour leader says NHS must change

Big thoughts clash with pressing needs

But Labour politicians who are canvassing on doorsteps are hearing about the very real problems of a monthly pay packet that won’t cover the bills, being unable to see a doctor, or being affected by anti-social behaviour. Big thoughts are perhaps not what they want when dealing with pressing needs.

Today is being billed by the Labour leader’s team as a key staging post on Labour’s journey to get voters to really look at the party again. To win the next general election, Labour will need a big chunk of Tory and SNP voters to switch back.

“We can’t afford to let government lose, we need to win,” is how one candidate put it to me – and they are looking to Sir Keir to give them real policies to sell on the doorstep.

That Sir Keir is even in this position should be considered a victory of sorts. Having a serious shot at government was a pipedream rather than a real prospect when he won the Labour leadership race back in 2020, and his mission speech is a key staging post in that journey as the Labour leader sets out his stall.

Sir Keir might be in ascendancy but he knows he still has to seal the deal – and how these missions land could prove crucial.

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Stock markets slump for second day running after Trump announces tariffs – in worst day for indexes since COVID

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Stock markets slump for second day running after Trump announces tariffs - in worst day for indexes since COVID

Worldwide stock markets have plummeted for the second day running as the fallout from Donald Trump’s global tariffs continues.

While European and Asian markets suffered notable falls, American indexes were the worst hit, with Wall Street closing to a sea of red on Friday following Thursday’s rout – the worst day in US markets since the COVID-19 pandemic.

As it happened: Worst week’s trading in five years

All three of the US’s major indexes were down by more than 5% at market close; The Dow Jones Industrial Average plummeted 5.5%, the S&P 500 was 5.97% lower, and the Nasdaq Composite slipped 5.82%.

The Nasdaq was also 22% below its record-high set in December, which indicates a bear market.

Read more: What’s a bear market?

Ever since the US president announced the tariffs on Wednesday evening, analysts estimate that around $4.9trn (£3.8trn) has been wiped off the value of the global stock market.

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Mr Trump has remained unapologetic as the markets struggle, posting in all-caps on Truth Social before the markets closed that “only the weak will fail”.

The UK’s leading stock market, the FTSE 100, also suffered its worst daily drop in more than five years, closing 4.95% down, a level not seen since March 2020.

And the Japanese exchange Nikkei 225 dropped by 2.75% at end of trading, down 20% from its recent peak in July last year.

Pic: Reuters
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US indexes had the worst day of trading since the COVID-19 pandemic. Pic: Reuters

Trump holds trade deal talks – reports

It comes as a source told CNN that Mr Trump has been in discussions with Vietnamese, Indian and Israeli representatives to negotiate bespoke trade deals that could alleviate proposed tariffs on those countries before a deadline next week.

The source told the US broadcaster the talks were being held in advance of the reciprocal levies going into effect next week.

Vietnam faced one of the highest reciprocal tariffs announced by the US president this week, with 46% rates on imports. Israeli imports face a 17% rate, and Indian goods will be subject to 26% tariffs.

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Do Trump’s tariffs add up?

Read more:
Markets gave Trump a clear no-confidence vote
There were no winners from Trump’s tariff gameshow

China – hit with 34% tariffs on imported goods – has also announced it will issue its own levy of the same rate on US imports.

Mr Trump said China “played it wrong” and “panicked – the one thing they cannot afford to do” in another all-caps Truth Social post earlier on Friday.

Later, on Air Force One, the US president told reporters that “the beauty” of the tariffs is that they allow for negotiations, referencing talks with Chinese company ByteDance on the sale of social media app TikTok.

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Tariffs: Xi hits back at Trump

He said: “We have a situation with TikTok where China will probably say, ‘We’ll approve a deal, but will you do something on the tariffs?’

“The tariffs give us great power to negotiate. They always have.”

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Financial markets were always going to respond to Trump tariffs but they’re also battling with another problem

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Financial markets were always going to respond to Trump tariffs but they're also battling with another problem

Global financial markets gave a clear vote of no-confidence in President Trump’s economic policy.

The damage it will do is obvious: costs for companies will rise, hitting their earnings.

The consequences will ripple throughout the global economy, with economists now raising their expectations for a recession, not only in the US, but across the world.

Tariffs latest: FTSE 100 suffers biggest daily drop since COVID

Financial investors had been gradually re-calibrating their expectations of Donald Trump over the past few months.

Hopes that his actions may not match his rhetoric were dashed on Wednesday as he imposed sweeping tariffs on the US’ trading partners, ratcheting up protectionism to a level not seen in more than a century.

Markets were always going to respond to that but they are also battling with another problem: the lack of certainty when it comes to Trump.

More on Donald Trump

He is a capricious figure and we can only guess his next move. Will he row back? How far is he willing to negotiate and offer concessions?

Read more:
There were no winners from Trump’s tariff gameshow
Trade war sparks ‘$2.2trn’ global market sell-off

These are massive unknowns, which are piled on to uncertainty about how countries will respond.

China has already retaliated and Europe has indicated it will go further.

That will compound the problems for the global economy and undoubtedly send shivers through the markets.

Much is yet to be determined, but if there’s one thing markets hate, it’s uncertainty.

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Court confirms sacking of South Korean president who declared martial law

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Court confirms sacking of South Korean president who declared martial law

South Korea’s constitutional court has confirmed the dismissal of President Yoon Suk Yeol, who was impeached in December after declaring martial law.

His decision to send troops onto the streets led to the country’s worst political crisis in decades.

The court ruled to uphold the impeachment saying the conservative leader “violated his duty as commander-in-chief by mobilising troops” when he declared martial law.

The president was also said to have taken actions “beyond the powers provided in the constitution”.

Demonstrators who stayed overnight near the constitutional court wait for the start of a rally calling for the president to step down. Pic: AP
Image:
Demonstrators stayed overnight near the constitutional court. Pic: AP

Supporters and opponents of the president gathered in their thousands in central Seoul as they awaited the ruling.

The 64-year-old shocked MPs, the public and international allies in early December when he declared martial law, meaning all existing laws regarding civilians were suspended in place of military law.

Read more from Sky News:
Highs and lows of Five-Year Keir
MP tells Sky News she was targeted online by Tate brothers

More on South Korea

The Constitutional Court is under heavy police security guard ahead of the announcement of the impeachment trial. Pic: AP
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The court was under heavy police security guard ahead of the announcement. Pic: AP

After suddenly declaring martial law, Mr Yoon sent hundreds of soldiers and police officers to the National Assembly.

He has argued that he sought to maintain order, but some senior military and police officers sent there have told hearings and investigators that Mr Yoon ordered them to drag out politicians to prevent an assembly vote on his decree.

His presidential powers were suspended when the opposition-dominated assembly voted to impeach him on 14 December, accusing him of rebellion.

The unanimous verdict to uphold parliament’s impeachment and remove Mr Yoon from office required the support of at least six of the court’s eight justices.

South Korea must hold a national election within two months to find a new leader.

Lee Jae-myung, leader of the main liberal opposition Democratic Party, is the early favourite to become the country’s next president, according to surveys.

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