Embattled U.K. Prime Minister Keir Starmer appeared to buy himself a reprieve from efforts to oust him, after a high-stakes Cabinet meeting that ended with a public show of support from a handful of key allies.

In a meeting in Downing Street on Tuesday, Starmer sought to hold back the gathering calls for his resignation, according to people familiar with the matter. The premier asked ministers to see him individually to talk about his future, rather than having that discussion around the cabinet table, said the people, who asked not to be identified while sharing private conversations.

Even as ministers were huddling behind closed doors, Starmer released a defiant statement denouncing efforts by Labour members of Parliament to force him out in the wake of last week’s disastrous local election results as “destabilizing” for the country. He indicated that he wouldn’t go without a leadership fight, in a challenge to potential rivals, such as Health Secretary Wes Streeting.

“The country expects us to get on with governing,” Starmer told ministers, according to a spokesperson. “That is what I am doing and what we must do as a Cabinet.”

Starmer’s remarks represented a last-ditch attempt to hang on to his job amid widespread speculation that he will be forced to announce a handover of power to a new leader as soon as Tuesday. At least two Cabinet ministers — Energy Secretary Ed Miliband and Home Secretary Shabana Mahmood — have already urged the premier to set out a timetable for his departure. At least three junior ministers had resigned in an effort to pressure Starmer to step down.

People familiar with the thinking of several other Cabinet ministers said they didn’t think he could survive. Labour officials said Starmer’s strategy was to dare Streeting to announce a challenge. That’s because many on the left of the party don’t want to see him to become prime minister, thereby incentivizing them to prevent an immediate contest.

The U.K. bond market tumbled on Tuesday amid the speculation, driving long-term bond yields back to the highest in nearly three decades. Gilts fell across the board, with the 30-year yield briefly touching 5.81%, the highest since 1998. The pound slid as much as 0.8% to around $1.35.

The number of Labour MPs calling for his departure passed the symbolic threshold of 81, one-fifth of the parliamentary party. In theory that would be enough to trigger a leadership contest under party rules, in the unlikely event they all backed the same contender. However, on Tuesday afternoon more than 100 MPs signed a statement that said they thought “this is no time for a leadership contest.”

In an interview with Bloomberg TV, Jamie Dimon warned that if any future British government targeted banks for new taxes he would change his view about a new mega-project at Canary Wharf.

“If they become hostile to the banks again, yes,” the JPMorgan Chase&Co. chief executive officer said. “We didn’t damage the U.K. in any way. We’ve paid probably $10 billion of extra taxes by now. I don’t think that’s right or fair. If that happens too much we will reconsider,” he said.

Cathal Kennedy, a senior U.K. economist at RBC Capital Markets, compared the drumbeat of statements and departures to the tumultuous period when Conservatives MPs forced Boris Johnson and Liz Truss from power. “There is a 2022 feel toward this, with the prime minister carrying on as normal while all indications show he has lost his authority in the party,” Kennedy said.

As speculation about Starmer’s future swirled, preparations continued for the King’s Speech on Wednesday, an extravagant set-piece in which King Charles III is due to outline the Labour government’s legislative program for the next parliamentary session. Calls for Starmer’s resignation accelerated after his own reset speech on Monday failed to convince MPs that he had a plan to counter populist rivals like Nigel Farage’s Reform U.K. or Zack Polanski’s Greens.

After the meeting broke up, a succession of cabinet ministers emerged from No. 10, with most, including Streeting, leaving without comment. While the health secretary has so far said nothing about Starmer’s future, he has been preparing for months to seek the top job if the opportunity presented itself.

A ministerial aide of Streeting’s and his constituency neighbor joined the calls for the prime minister’s exit on Monday, fueling speculation that the health secretary was preparing to seek the premiership.

Earlier on Tuesday, Communities Minister Miatta Fahnbulleh became the first government minister to join the ranks of Labour MPs calling on Starmer to go. She was followed by Victims Minister Alex Davies Jones and Safeguarding Minister Jess Phillips, who called Starmer a “good man” who avoided the arguments necessary to make progress.

Still, Starmer received support from a handful of loyalists such as Housing Secretary Steve Reed, Technology Secretary Liz Kendall and Work and Pensions Secretary Pat McFadden.

“The prime minister is going to continue with his job, as he should,” McFadden said. Kendall, meanwhile, said that was a process to challenge the leader and that “no one has made that challenge.”

Those favoring Greater Manchester Mayor Andy Burnham sought to hold off a contest to give him time to the necessary seat in Parliament to stand in any contest. Others backing Streeting urged a faster process, since the health secretary was already in position.

Darren Jones, chief secretary to the prime minister and a close ally, acknowledged before the Cabinet meeting that Starmer had been considering his options.

“He’s listening to colleagues, and he’s talking to colleagues,” Jones told Times Radio. “I can’t say what decision he may or may not take.”

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—With assistance from Francine Lacqua, Lucy White, Jacob Reid, Alice Gledhill, Lizzy Burden, Julian Harris and Georgia Hall.

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