Keir Starmer has pledged that it is “now time for us to deliver” as his party’s election victory brings an end to 14 years of Conservative rule. The Labour leader is expected to become the prime minister later today.
Rishi Sunak’s party is on track to record its worst-ever performance in a general election.
As the results are broadly as expected and already priced into financial markets, the pound held steady. It has firmed slightly against the dollar, by 0.1% at $1.2770, and was up a smidgen against the euro at €1.18.
Stock market futures are pointing to a higher open on the FTSE 100 index today.
The London Chamber of Commerce said the business community looks forward to a “fresh start” under Labour.
The chief executive, Karim Fatehi, said: "We look forward to working with government over the coming years to build a London where businesses of all sizes thrive.
"Now is the time for the new government to quickly make the changes businesses need to succeed. As laid out in our manifesto this includes the introduction of policies that protect and support the capital’s businesses, enhance London’s international competitiveness, and simplify and enable infrastructure and planning. These policies will lay the foundations for future growth, address long term skills shortages, and foster greater innovation in our capital."
The CBI business group said: “Business stands ready to bring its innovation, ideas, and investment to make that shared mission a reality."
Rain Newton-Smith, the CBI’s chief executive, said: "The new prime minister has been given a clear mandate to take the tough decisions on areas like planning reform and boosting grid capacity needed to get the economy firing on all cylinders. What firms need now is a government that’s ready to hit the ground running and is laser-focused on delivery.
"Households and businesses across the UK have shown incredible resilience through Brexit, Covid and war in Europe. With the economy picking up steam, now is the moment to get behind growth. Setting out a positive vision for the UK economy and leaning into our international leadership should be top priorities for the first 100 days."
Meanwhile, UK house prices dipped in June in a “subdued market”, according to the mortgage lender Halifax.
Its monthly house price index showed the average price of a home slipped by 0.2% in June from May, by less than £500 in cash terms, leaving the annual growth rate at 1.6%. A typical home in the UK now costs £288,455, compared with £288,931 in May.
House prices stayed relatively flat for a third successive month in June, while Northern Ireland recorded the strongest annual growth in the UK, at 4%, up from 3.3%. The average price of a property there is now £192,457.
The agenda • 7.45am BST: France trade and industrial production for May • 10m BST: eurozone retail sales for May • 1.30pm BST: US non-farm payrolls for June (forecast: +190,000), unemployment rate (forecast: unchanged at 4%)
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