Business

British pound jumps in value after Johnson projected to win UK election

The British pound jumped in value after exit polls projected Prime Minister Boris Johnson and his Conservative Party will win the U.K. parliamentary election on Thursday, CNN Business reported.

Sterling increased 2.3 percent in value to $1.347 at 5:20 p.m. eastern time, reaching its highest point in almost 19 months. It also jumped 1.9 percent against the euro, according to CNN Business.

The pound’s value has been surging as traders predicted Johnson’s win. A majority in Parliament will allow Johnson to execute his Brexit plan to leave the European Union by Jan. 31.

The election arose out of a Parliament vote in October after Johnson’s Brexit deal failed to pass the legislative body in time for his Halloween deadline.

Exit polls suggest the Conservative Party could win 368 seats, giving it an 86-seat majority over the Labour Party, according to reports in The New York Times and other outlets. 

For Labour and its leader, Jeremy Corbyn, it would represent a terrible result likely to lead to calls for his resignation.