Sun. Sep 20th, 2020

FTSE 250 rockets to record high as banks, housebuilders and utilities surge – business live

Shares and sterling are rallying as the financial markets react to the Conservative Party’s election triumph

9.32am GMT

Utility stocks on the Footsie are a mighty 7% higher this morning, as the nationalisation threat lifts.

Bank stocks are up 3.5% — traders are concluding that the Bank of England is much less likely to cut interest rates soon.

9.28am GMT

Telecoms firm BT is also among the top risers, gaining 7%.

BT had faced the prospect of seeing its wholesale network nationalised if Labour had won power, for Jeremy Corbyn’s offer of free broadband.

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