Boris Johnson’s landslide victory in the UK General Election will hasten the country’s withdrawal from the European Union.
A Conservative majority of around 78 seats over a much-depleted Labour opposition will give Prime Minister Johnson the freedom to push through long-delayed Brexit legislation and come closer to leaving the European Union – to ‘Get Brexit done’ as he promised the electorate.
The government may also be able to carry out property-related promises to build more affordable housing, reform stamp duty, simplify shared ownership schemes and extend the ‘help to buy’ loan programme.
The business community welcomed the results. “Investors have been yearning for greater certainty,” said Paresh Raja, CEO of Market Financial Solutions.
Financial markets also reacted positively: sterling jumped by 2.7 per cent against the dollar to $1.35, the highest level since May 2018, and to its highest level against the euro since December 2016. Stock market observers noted that housebuilders’ share prices are likely to rise in response to the news.
“A Tory majority government should create an environment more supportive of business and enterprise, which will help instil the confidence necessary to drive increased investment and job creation,” said Paul Lynam, chief executive of FTSE-listed Secure Trust Bank.