Pound surges to 12 month high after exit poll predicts tory majority

Exit poll predictions that the Tory party are on course to win a the General Election has sent the pound soaring.

Shortly after the result was announced, sterling jumped by around two per cent against the dollar to reach $1.3416 and 1.6 per cent against the euro at €1.2054.

Boris Johnson’s gamble on a snap election looks set to have paid off with the Tories likely to win a sizeable majority, according to an exit poll.

The BBC/Sky/ITV poll suggested the Conservative would win 368 seats, 42 above the 326 needed for an absolute majority in the House of Commons.

Labour is predicted to win 191 seats, the Scottish National Party 55, Liberal Democrats 13, the Brexit Party none, Plaid Cymru three and Greens one. This would give the Tories a majority of 86.

It is a significant set-back for the Labour leader Jeremy Corbyn, who will have twice led his party to defeat at the polls.