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365 days: 3 January 2020

365 days: 3 January 2020

Election bounce

Subsequent decline

The Conservatives’ election victory in December was a boon for sterling. The FTSE 100 also enjoyed a boost – the UK-focused FTSE 250 index more so – buoyed by the prospect of a smoother divorce from the EU, and the fact that various sectors are no longer at risk of nationalisation under Labour rule. But optimism didn’t last long. The pound dropped as the path forward grew murkier, with prime minister Boris Johnson introducing legislation to prevent Brexit negotiations extending beyond 2020. This could, ostensibly, heighten the risk of an abrupt or ‘no deal’ departure.

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