What Does PM Boris Johnson Mean For Markets?

The new UK Prime Minister is expected to cut taxes and boost spending, but a lack of clarity on Brexit is holding back UK shares and the pound

James Gard 23 July, 2019 | 3:03PM

Boris Johnson

The stock market is often the first to react to major political news, but the heavily anticipated announcement of Boris Johnson as the new Prime Minister was largely priced in.

The FTSE 100 was up 1% by lunchtime at 7,590 points and sterling, after an initial bounce in the run-up to the announcement, slipped back to €1.11 and $1.24, at seven-month lows.

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James Gard  is content editor for Morningstar.co.uk

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