The British pound stayed strong, but London’s FTSE 100 index had trouble keeping its gains, overshadowed by economic developments abroad even as Labour‘s anticipated victory in the General Election became a reality.
The Pound Rose, While the FTSE 100 Index Declined Despite Labour’s Victory
The election result made the market quiet because the financial sector already expected the Labour Party to win by a significant margin. Some financial experts think the new government will bring a period of calm and steadiness.
On Friday afternoon, the value of the British pound went up by 0.3% to reach 1.28 US dollars, which is the highest it has been since mid-June. It also increased by 0.2% against the euro, reaching 1.182.
However, the FTSE 100 closed 0.45% lower, reversing earlier gains spurred by Labour’s landslide, which had initially boosted housebuilders on hopes for increased housing…
