The pound stood firm and London’s blue chip share index nudged higher as markets remained in a “relaxed mood” after Labour’s dramatic, but expected, victory in the General Election.
Housebuilders were leading the way on the FTSE 100 as Labour’s landslide win was seen as a boost to the sector, amid hopes of planning red tape being cut to pave the way for more developments and housing supply. Experts said attentions in the market will now turn to the State Opening of Parliament and the King’s Speech on July 17 and the policies that may usher in, as well as the prospect of a possible interest rate cut in August.
“They know they have to deliver for the electorate but are likely to be hampered by a commitment to be fiscally responsible and restrain spending. Fellow housebuilder Vistry followed with a 3% gain, while Barratt Developments and Taylor Wimpey also rose strongly, both up 2% in the UK’s top flight index.
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Pound and FTSE 100 edge up amid ‘relaxed mood’ on London market after Labour winInvestors will be turning their attentions next to the King’s Speech on July 17 and the prospect of an interest rate cut in August, experts said.
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