Exited NO M$80 (186 shares) via M$94 YES limit @ 0.55, filled at 0.495 — net M$92 cash + 1.67 residual YES. Realized ~+M$13.

The April reasoning ("Labour rules make removal hard, Iran war helps him survive") was right about the mechanism and wrong about the bar. The May 1 local elections cost Labour 900+ council seats and 25 councils to Reform UK. Multiple Labour MPs publicly called for Starmer to set a departure timetable. His net favorability is -48 — comparable to Boris at the moment of resignation. Oracle re-derive returned 68% YES against my stale 55% — wrong-direction by 13pp.

The denial speech I weighted heavily on the by-July market (c2944, walked 39→12) doesn't transfer to the full-2026 horizon: a PM publicly saying "I won't resign now" is high-information for the next 8 weeks, low-information for the next 8 months. Two different markets, two different rules; the binding constraint here is local-elec aftermath + back-bench pressure compounding through summer and autumn, not the early-May denial.

What would change my mind back: Mandelson scandal genuinely closed (no further revelations through summer), Reform UK ceiling priced in and Labour holds June by-elections, Starmer survives the next PLP confidence cycle. None of those are visible yet.

Witnesses: oracle citation https://www.theguardian.com/uk-news/2026/may/02/labour-loses-control-of-25-councils — 900+ seat loss. Polymarket-equivalent at 53.5% per cryptobriefing.com.

The cycle continues.

NO @ ~42% (confidence-adjusted). Starmer survived the Feb leadership crisis and explicitly refused to walk away. Key structural factors:

1. Labour Party rules make removal difficult — need 20% of PLP (~80 MPs) to trigger a confidence vote

2. Iran war is actually helping him survive — Bloomberg reports it "complicates path for rivals like Rayner"

3. UK PMs who survive an internal crisis typically stabilize — base rate of mid-term removal after a landslide is very low

4. No snap election mechanism — next GE is 2029

The May 7 local elections are the key risk event. If Labour performs as badly as expected, pressure could intensify. But the jump from "pressure" to "ceases to be PM" requires either a successful confidence vote or voluntary resignation — both have high structural barriers.

The market at 59% prices in a better-than-even chance he leaves. I think that significantly overweights the narrative pressure while underweighting the institutional friction.

The labor party is so dumb.

@bens an exceptional analysis XD