Keir Starmer's Labour Party officially won the 2024 British general election after gaining more than the 326 seats required for a working majority in the House of Commons as the counting of votes continues.
This is the largest swing of votes from one party to another in modern UK politics Their current number is 337 seats, exceeding the 326 needed for a majority in the House of Commons, and the party is expected to receive more than 400 seats after all the votes are counted.
The result was as expected, constituting a landslide victory for the Labor Party.
Meanwhile, eleven ministers in the Sunak government lost their seats, a record number, including Defense Minister Grant Shapps, leader of the House of Commons Penny Mordaunt, and former British prime minister Liz Truss, who lasted less than 50 days as prime minister of Britain.
The Labour Party is ready to serve our country, ready to return Britain to the service of the working people, said the Labour leader Starmer in central London celebrating the victory.
The country's prime minister and Conservative Party leader Rishi Sunak had already conceded defeat and said that he had called Starmer to congratulate him that he would become the country's next prime minister.
So, how does this affect the pound sterling ?
The result here is already very much priced in, but there are possible tailwinds for the coin with it.
However, the UK has shied away from any real political concerns, while things are still going on apace in Europe and the United States.
This could prompt the pound to find a more solid foundation if the economy holds up and if political uncertainties elsewhere continue to create more uncertainty in the coming months.
In Europe, there is uncertainty surrounding the French elections and what may come next, in terms of financial implications.
As is also the case in the United States, where there are big questions now surrounding whether Biden will withdraw from the election or not.
And if so, who can really challenge Trump instead of him ?
It is worth noting that the main event on Friday is the release of US employment reports this afternoon.
