A Telegraph analysis suggests that the Conservatives landslide victory will be cheered by traders and investors and welcomed by most businesses as it puts an end to the gridlock in Westminster and has a potential to end the Brexit uncertainty. The Tory majority will also mean economic growth, the newspaper argues, as the Conservatives’ campaign pledges could lead to a GDP growth between 1.5% and 2.2% (The Telegraph).
Business leaders have promised to unlock investment if the new Government manages to deliver political stability, but called on Boris Johnson to deliver a “soft” Brexit which will boost business confidence and the economy (The Financial Times £).
The pound has risen sharply in overnight trading as Boris Johnson won an election victory securing him a significant 70-plus seat majority in the Commons (The Times £). The pound staged its biggest rally in almost three years and shares surged after Boris Johnson’s Conservative party secured a decisive victory in the general election (The Guardian)
Sainsbury’s has reportedly received a number of offers for its £1.9bn mortgage book after it decided to follow Tesco in exiting the British home-loans market. Lloyds is said to have been among the bidders, but RBS and Santander did not make any offer (Sky News).
Ocado said its range will be “bigger and better”, offering higher quality, cheaper items, once it starts stocking M&S products after striking a deal with the retailer earlier this year. The comments followed a slowdown in revenue growth to 10.8% for the three months to 1 December (The Guardian, The Times).
Simon Emeny, CEO of pub group Fuller, Smith & Turner urged the incoming government to reduce business rates and revamp the immigration system amid ongoing struggles for the UK pub sector. Emeny’s remarks came alongside a 3% pre-tax profits fall to £11.1m in the first half on revenues of £174.8m (The Financial Times £).
PZ Cussons CEO Alex Kanellis announced he will be stepping down from the FTSE 250 firm after 13 years in the role. The decision followed a profit warning with the healthcare products maker saying full-year revenue and profits would be below expectations due to “challenging market conditions” (The Telegraph, The Times).
German delivery business Delivery Hero expanded its Asian footprint after a $4bn takeover of South Korean start-up Woowa Brothers (The Financial Times £).