By this morning, the Conservative Party under Boris Johnson’s bombastic leadership had secured a comfortable parliamentary majority winning 364 seats in last night’s general election compared to just 202 for Labour. With 60 lost seats, this represents the worst Labour election showing since 1935.
The news saw sterling hit an 18-month high against the dollar this morning and sent UK stocks higher amid huge trading volumes.
The result was most warmly welcomed by smaller, more domestically-focused stocks with the FTSE 250 hitting an all-time high.
It added close to 5% in early trading. Both the FTSE 100 and All-Share indices had gained more than 2% by 10am, led by gains from the UK’s banks, utilities and telecom stocks.