Sterling hit its highest level against the dollar since mid-June and the FTSE 250 index, regarded as a bellwether for the domestic economy, rose by almost 1 per cent after Labour’s decisive election victory.
“A landslide victory provides the sort of clarity and stability that equity markets need in an increasingly volatile world,” Ben Ritchie, head of developed market equities at Abrdn, the investment manager, said.
In London, the value of the pound rose by 0.4 per cent against the dollar to $1.28 and was 0.2 per cent higher against the euro at €1.18. Sterling made its advances earlier in the week, as it became ever clearer that Labour would win the election comfortably. Over the past five days, the currency has risen by more