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14th December 2019, 15:03

Pound surges in wake of Conservative election win

The pound has recorded a 3-year high against the Euro following Boris Johnson’s triumph at the polls on Thursday night.

The GBP/EUR exchange rate rose to 1.2080 following news of the Conservative Party’s huge majority, which means the Prime Minister can now push forward with his Brexit plans.

The news will be welcome to cross frontier workers, who earn their wages in sterling in Gibraltar, but live in Spain, as they benefit from a stronger pound.

Elsewhere the FTSE 250 index, which is made up of medium-sized companies in the UK, reached record highs, surging 5.2%. Meanwhile, the benchmark FTSE 100 gained 1.5% in early trade in London as investors reacted to the election results.