LONDON — Backed by the largest Conservative majority since the Thatcher years, Prime Minister Boris Johnson now has a mandate to take the U.K. out of the European Union next month, and while British fashion, textile and luxury businesses aren’t all thrilled at the prospect, most are ready to move on and relieved that the fog of uncertainty has finally begun to lift.
On Friday, markets soared following the landmark election that has redrawn Britain’s political map, eliminated the threat of a hard-left Labour government, and made it clear that voters up, down and across the country want a pro-business leader who, after three years of political squabbling and delays, can finally take the U.K. out of the EU.
On Friday, the pound bounced to 1.34, its highest level since May 2018, and it hit a three-and-a-half-year high of 1.20 euros. The FTSE 100 was up 1.8 percent at 7,404.25. The FTSE 250, which includes medium-sized retailers, brands and businesses such as Apax Global, Blackrock, Easyjet, Hammerson and Marks & Spencer, gained 4.3 percent in late-morning trading, hitting an all-time high.
On Friday, markets soared following the landmark election that has redrawn Britain’s political map, eliminated the threat of a hard-left Labour government, and made it clear that voters up, down and across the country want a pro-business leader who, after three years of political squabbling and delays, can finally take the U.K. out of the EU.
On Friday, the pound bounced to 1.34, its highest level since May 2018, and it hit a three-and-a-half-year high of 1.20 euros. The FTSE 100 was up 1.8 percent at 7,404.25. The FTSE 250, which includes medium-sized retailers, brands and businesses such as Apax Global, Blackrock, Easyjet, Hammerson and Marks & Spencer, gained 4.3 percent in late-morning trading, hitting an all-time high.
Prime Minister Boris Johnson in Downing Street on Friday.
James Veysey/Shutterstock
“Not only does the result give more certainty to businesses — they can