May 8 (Reuters) - British train timetables detailing departures and arrivals are updated every mid-to-late May. The question sterling option traders would like answered is whether mid-to-late May might also see British Prime Minister Keir Starmer set out a timetable for his departure from Downing Street. Starmer's Labour Party suffered heavy losses in Thursday's local elections that deepened doubts over his ability to govern, although Starmer said "I am not going to walk away".

Before the election results started to arrive, the Times newspaper said UK energy minister Ed Miliband had advised Starmer to consider setting out a timetable for his exit. Miliband is a perceived 'kingmaker' should a vacancy arise in Downing Street, and a mooted finance minister-in-waiting.

One reason why a timetable would be handy is that Andy Burnham and Angela Rayner - the two frontrunners to succeed Starmer should he go - both have hurdles to clear before they can mount leadership bids. In Burnham's case, that means winning a seat in a by-election - which is by no means a given due to Labour's poor poll ratings.

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(Robert Howard is a Reuters market analyst. The views expressed are his own)