FTSE 100 hits record high as election jitters drive pound down – business live
Sterling hits one-month low after YouGov reports that the Conservatives only have a five-point lead over Labour
- Latest: Footsie hits new time closing high
- FTSE 250 surges over 20,000 for first time ever
- Pound has tumbled below $1.28 as Tory lead shrinks
- Sterling at two-month low against the euro
- Experts: Election uncertainty worries markets
4.51pm BST
Breaking! Britain's FTSE 100 index has hit a fresh all-time closing high.
The blue-chip index surged to new levels, racking up its fifth week of gains, as the slump in the value of the pound pushed shares higher in London.
#Breaking The FTSE 100 Index has closed at an all-time high of 7,547.63.
The pound has been looking toppy as election odds narrowed since the release of the manifestos. The latest polls from YouGov showed the Tories with only a five-point lead over Labour. A five point gap looks to have been the breaking point.
Polls are indicating a real chance of another hung parliament in the UK
The precipitate fall in the pound is undoubtedly helping, with the currency taking a rather dramatic tumble below $1.28 as the script for the general election is torn up.
1/ Our latest voting intention figures show a 5 point Tory lead - but are the Tories losing ground or gaining it? https://t.co/pG5v2K9fwu pic.twitter.com/lQLtULSPSf
2/ The race has certainly seen a remarkable turnaround, with May/Tories slumping and Corbyn/Labour resurgent" https://t.co/pG5v2K9fwu pic.twitter.com/E7leVIHU3L
Our view that the pound's recent rally can continue as the economy remains resilient and Brexit worries gradually ease has been dealt something of a double blow by the downward revision to Q1's UK GDP figures and the YouGov poll for The Times showing a dramatic narrowing in the Conservatives' lead over Labour to just 5 points.
Related: IFS makes damning assessment of Tory and Labour manifestos
4.04pm BST
It's turning into a rout!
The pound has now fallen below $1.28 for the first time in a month, and has lost around 1.5 cents since the YouGov poll came out.
Breaking News: GBP Trades Below $1.28 pic.twitter.com/yK6lqTRIRN
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