Pound soars on exit poll forecast of Tory majority
Sterling surges 3% to its highest level since May on hopes the result will end Brexit uncertainty.
The pound surged against the dollar after an exit poll suggested the Conservative Party was on course for a comfortable general election victory.
Sterling gained as much as 3% to $1.35 - its highest level since May last year - on hopes that a big majority would remove uncertainty over Brexit.
The pound also jumped to a three-and-a-half-year high against the euro.
Prime Minister Boris Johnson has pledged to take the UK out of the European Union by 31 January.
Exit polls indicated that the Tories could achieve an 86-seat majority. The BBC's economics editor, Faisal Islam, said a big win for the Conservatives pushed leaving the EU without a deal into the distance, and the financial markets are breathing a sigh of relief.
"The most disruptive form of no deal has been taken off the table. The market reaction is a reflection not just of the result, but of the fact that [a big majority] gives the prime minister room for manoeuvre."
France's minister for Europe, Amelie de Montchalin, said indications of a decisive victory for the Conservatives had provided clarity over Brexit.
"What's certain tonight is that this clarification seems to have come," she said. "The most important thing with Brexit is not the way we divorce, it's what we build afterwards."
Sterling gained as much as 3% to $1.35 - its highest level since May last year - on hopes that a big majority would remove uncertainty over Brexit.
The pound also jumped to a three-and-a-half-year high against the euro.
Prime Minister Boris Johnson has pledged to take the UK out of the European Union by 31 January.
Exit polls indicated that the Tories could achieve an 86-seat majority. The BBC's economics editor, Faisal Islam, said a big win for the Conservatives pushed leaving the EU without a deal into the distance, and the financial markets are breathing a sigh of relief.
"The most disruptive form of no deal has been taken off the table. The market reaction is a reflection not just of the result, but of the fact that [a big majority] gives the prime minister room for manoeuvre."
France's minister for Europe, Amelie de Montchalin, said indications of a decisive victory for the Conservatives had provided clarity over Brexit.
"What's certain tonight is that this clarification seems to have come," she said. "The most important thing with Brexit is not the way we divorce, it's what we build afterwards."
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
