UK General Election Results 2024: Keir Starmer to beome next Prime Minister

The Labour Party is poised to form the government once again as Rishi Sunak conceded defeat after the UK General Election Results 2024. Keir Starmer is set to take over 10 Downing Street. Despite retaining his seat, Sunak acknowledged his party’s loss.

According to the media reports, the Labour Party is near the majority mark and has won 304 seats so far. UK General Election Results 2024 stated that Rishi Sunak-led Tories have won 63 seats so far.

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Exit Polls Predict Landslide Victory for Keir Starmer and the Labour Party

The exit polls had predicted a bruising defeat for Sunak and his party and had predicted that rival Starmer from the Labour Party was set for a landslide win. Per the PTI report, the exit polls stated that Labour could win as many as 410 seats and comfortably cross the halfway 326 mark and 

Up to 410 seats might be won by Labour, easily surpassing the 326-seat threshold and giving them a 170-seat majority with just 131 seats held by the current Tories, the exit polls had predicted.

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Sterling Remains Steady as Financial Markets Anticipate Labour Victory

Sterling held steady as traders and investors had already widely anticipated a Labour victory. Just ahead of the exit poll, it traded at around $1.2758 and 84.74 pence per euro. The stability in the currency indicates that the financial markets had already priced in the likelihood of a Labour government with a strong majority.

Financial markets have adjusted in anticipation of a Labour administration, expecting the party to secure a solid majority in parliament. This majority is projected to support its centre-left policies, which include increased public spending, investments in infrastructure, and social welfare programs. Market participants believe that a stable Labour government will provide the necessary political stability and policy direction, which is reflected in the steady performance of Sterling.