Article 2QT48 FTSE 100 hits record high as election jitters drive pound down – business live

FTSE 100 hits record high as election jitters drive pound down – business live

by
Graeme Wearden
from World news | The Guardian on (#2QT48)

Sterling hits one-month low after YouGov reports that the Conservatives only have a five-point lead over Labour

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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