Tue. Sep 29th, 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

12.54pm GMT

Sajid Javid, who is likely to retain his position as chancellor, has said the election result is good news for the economy.

Look at the reaction of the financial markets.

In terms of the economy and going forward, business after business wanted an end to the uncertainty. Already, because of the election result, I know this morning there are investors that have decided to deploy money, invest money, in the United Kingdom….because they know that the uncertainty will now end.

There will be a deal dividend because of this election.

Related: Boris Johnson’s Brexit deal ‘would cost UK economy £70bn’

12.33pm GMT

Once investors have digested the election results, they will wonder how Boris Johnson will deliver on his election slogan and “get Brexit done”.

Trevor Greetham of Royal London Asset Management says there are three possible scenarios:

“The size of the Conservative majority means any of these options is possible and markets will respond to developments over 2020 as and when the position becomes clearer.”

Continue reading…Shares and sterling are rallying as the financial markets react to the Conservative Party’s election triumphLatest: UK stock market jumpsFTSE 250 hits all-time highWetherspoons and BT also among big risersIntroduction: It’s Blue Friday in the CitySterling hits 18-month high vs US dollar 12.54pm GMTSajid Javid, who is likely to retain his position as chancellor, has said the election result is good news for the economy.Look at the reaction of the financial markets.In terms of the economy and going forward, business after business wanted an end to the uncertainty. Already, because of the election result, I know this morning there are investors that have decided to deploy money, invest money, in the United Kingdom….because they know that the uncertainty will now end.There will be a deal dividend because of this election. Related: Boris Johnson’s Brexit deal ‘would cost UK economy £70bn’ 12.33pm GMTOnce investors have digested the election results, they will wonder how Boris Johnson will deliver on his election slogan and “get Brexit done”.Trevor Greetham of Royal London Asset Management says there are three possible scenarios:“The size of the Conservative majority means any of these options is possible and markets will respond to developments over 2020 as and when the position becomes clearer.” Continue reading…