Pound up as Conservatives set to secure Election win
08 May 2015
The value of the pound has surged in the wake of the news that the Conservatives are on course to secure a majority win following the General Election.
Experts say the pound jumped by 2% against the dollar and euro overnight, while the FTSE 100 also rallied strongly as news of David Cameron’s expected victory emerged.
Energy firm Centrica enjoyed the biggest early rise in this morning’s markets. The company, which owns British Gas, had faced the prospect of energy bill price freeze restrictions if Labour had won.
Market analysts said the pound had risen because the Government’s agenda was likely to remain consistent following a Tory win.
Commenting, Jason Hughes from trading firm CMC Markets, said: ‘The market often likes a bit of consistency and stability and if the Conservatives are returned to power - be it as part of a minority government or as part of a coalition again - they will be able to push through a lot of the policies and approaches that they have done over the last five years in parliament’.