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Pound sterling surges as Boris Johnson’s Conservative Party is projected to win UK election in landslide

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The British pound sterling jumped more than 2% versus the U.S. dollar after publication of a U.K. election exit poll. UK Prime Minister Boris Johnson is on course for the biggest Tory landslide since Margaret Thatcher. The Conservative Party would win 368 seats if the poll proves accurate, granting a comfortable majority in Parliament.

Elliot Smith and David Reid for CNBC:

The U.K. pound jumped more than 2% after an exit poll projected an 86-seat majority for the Conservative Party in the U.K. general election.

Shortly after 10 p.m. London time, a survey of thousands people who had just left the voting booth, indicated that the Conservatives are on course to gain around 50 seats, ensuring a healthy majority.

In reaction the pound rose to $1.3451, more than 2% higher than before the poll was announced. The pound has touched its highest level against US dollar since June 2018. Sterling also jumped against the euro, up 1.4% to 83.265 pence.

The Conservative Party are tipped to gain around 50 seats in the election while Labour would lose 71 seats from its performance in 2017.

In a snap note, the Chief UK Economist at Capital Economics Paul Dales said the result, if accurate, would free the path for Prime Minister Boris Johnson to push through his Brexit plan.

MacDailyNews Take: In the UK, there are some 6,500 Apple employees, 291,000 App Store ecosystem jobs, 1,122 Apple suppliers, 38 Apple Retail Stores, including Apple Regent Street in London which welcomes around 60,000 customers per week.

If the exit polls bear out, even remotely, it looks like Brexit is finally a go.

U.K. Prime Minister Boris Johnson tweeted:

Update, U.S. President Trump tweeted:

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