U.K. Conservatives face potential wipeout as Sunak announces July 4 election

• The Labour Party is seeking to win its first majority since 2010 under the leadership of Keir Starmer, a center-left former human rights lawyer who favors closer ties with the European Union.
• The U.K.'s stagnant economy, a series of scandals under former Prime Minister Boris Johnson, and the historically short premiership of Liz Truss have contributed to the Conservatives' dismal approval ratings.

Driving the news: In the pouring rain outside 10 Downing Street, Sunak made clear that he would base his election pitch on the prospects of the U.K.'s improving economy, citing new inflation figures.

• "Now is the moment for Britain to choose its future, to decide whether we want to build on the progress we have made or risk going back to square one with no plan and no certainty," the prime minister said.

• Sunak was nearly drowned out by a protester blasting "Things Can Only Get Better" — the Labour Party's theme song in the 1997 election, when former Prime Minister Tony Blair swept into power in a landslide.

Editor's note: This story has been updated with the prime minister's remarks and more details from the announcement.