As widely predicted, the Labour Party stormed to an easy win in yesterday's UK general election as the outgoing Conservative administration registered their worst performance since 1935. Labour won more than 400 seats, comfortably exceeding the 326 needed for an outright majority. Sir Keir Starmer will be the new prime minister and Rachel Reeves the new chancellor of the exchequer.

Reaction in the financial markets has been muted with a sizeable Labour victory priced in months ago. Importantly, Labour policy is now seen as much more business friendly than in the past and, crucially, the incoming government is committed to retaining the independence of both the Bank of England and the Office for Budget Responsibility (OBR).

Political uncertainty has hardly been an issue in the run up to Thursday's vote and the arrival of a new government with a hefty majority might be viewed favourably by investors. Even so, the gilt market will be hoping for some early reassurance that pre-election promises about fiscal responsibility were not just words.

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