Conservative Party marked its greatest majority in the UK’s Parliament since 1987

The conclusion of the UK’s general election on December 12^th saw the Conservative party to secure its best victory since 1987. Securing a majority in the UK’s Parliament, Prime Minister Boris Johnson is to keep in power and lead the way for the United Kingdom’s departure from the European Union in January 2020.

As per the results, the Conservative party won 364 seats in the UK’s parliament and 78 (majority) in the House of Commons. The results were better (for Conservatives) than the analysts had originally forecasted. PM Johnson immediately announced in his victory speech in Central London that the clouds of uncertainty will now fade away with the country set to depart from the EU on 31^st January 2020.

UK's Bluechip FTSE 100 Gained Over 1% On Friday

Following a decisive win for the Conservative Party, the UK’s bluechip FTSE 100 index was seen trading around 1% higher in the early session on Friday. Sterling, on the other hand, noted a hike of 2% against the greenback in the forex market.

FTSE 250 index that primarily focuses on domestic companies registered a 5% increase on Friday morning, marking a record high for the index. London-listed firms such as Taylor Wimpey, Virgin Money UK, Persimmon, were highlighted as Euro Stoxx 600’s best-performing stocks for the day. All of such firms posted an over 12% increase in share prices.

At 0.895%, the United Kingdom’s 10-year bonds yields printed a gain of 7 basis points on Friday morning that marked its best since June 2019.

Jeremy Corbyn Says He Will No Longer Be Leading The Labor Party In Future Elections

In separate news, Jeremy Corbyn expressed that he will no longer be leading the Labor Party in the UK’s future elections. In his interview with ITV on Friday morning, Corbyn called the results disappointing and highlighted that he will only remain the leader during the period of Labor Party’s reflection process that is set to begin shortly.  

Securing a majority in the UK’s Parliament, PM Johnson will finally be able to break the deadlock and drive the nation to an orderly departure from the European Union within the current deadline. Earlier, analysts had expected the GBP/USD pair to shoot as high as 1.3500 level in an event of Conservative’s victory. In line with the expectations, the pair was seen trading as high as 1.3510 late on Thursday. A major chunk of the gain, however, has been lost with the currency pair currently settling around 1.3335 level.