UK wakes up to a new government
The UK general election in 2024 resulted in a landslide victory for the Labour Party, led by Keir Starmer. In a dramatic shift from the previous election, Labour secured 410 seats, while the Conservative Party experienced a substantial loss, reducing their representation to just 119 seats. This outcome marks a significant change in the UK’s political landscape, ending the Conservatives’ 14-year tenure in government.
Result much as expected – market reaction muted
Financial markets had largely anticipated this result, leading to relatively subdued initial reactions. The British pound saw a slight increase against the dollar, continuing its recent upward trend. Gilt yields experienced a small decline, with both short-term and long-term rates easing.
The FTSE 100 index opened higher, with notable gains in construction-related stocks, suggesting some optimism about the…
