David Cameron will return as Prime Minister after the Tories gain a majority- defying polls and winning the general election.
David Cameron has hailed the Conservatives’ election performance as "the sweetest victory of all", while oposition leaders Ed Miliband, Nick Clegg and Nigel Farage have all stepped down from their positions, with emotional farewells.
The surprising result has been met with mixed reactions all over the country, but it has already begun to have an effect on UK business.
FTSE 100 and sterling surge
’Hung parliament’ was the words on many peoples lips before the shock results of this morning, with the Conservatives tipped to take a majority in Downing Street.
The FTSE 100 index surged by 2% at the open, as companies which had been targeted by Labour policies all registered gains.
Hordes of bakery shares are up as a result of this, with Greggs seeing a 2.25% surge this morning to 1,163.19p. Patisserie Holdings of Patisserie Valerie and Philpotts sandwich company is up 2.1% to 278.45p, while Associated British Foods (ABF) is also up 2.4% to 2,909p.
New business secretary
With the defeat of Vince Cable, a new secretary of state for Business, Innovation and Skills is surely on the cards.
The Lib Dem business secretary suffered a defeat in Twickenham to the Tory candidate Tania Mathias.
Conservative impact on business
With the Tories now back in the House of Commons with a majority, we look back at the Tories’ main pledges regarding business and the economy:
- Eliminate the deficit and run an overall surplus by the end of the parliament
- Aim for full employment for all those willing to work
- Use money saved in reducing the benefits cap to fund 3 million apprenticeships
- Triple the number of start-up loans to businesses to 75,000
Mike Holling, executive director of the Craft Bakers Association said: "If we can take anything from today’s result it is that we won’t have a period of uncertainty that many had feared. However there were various promises made in the run up to the election and it is our job as a trade association to ensure that these promises are fulfilled and to push the government further on support for the baking industry and SMEs.
Ian Wright, Director General at the Food and Drink Federation, said: “With thriving exports, huge creativity and diversity amongst our members, FDF will bang the drum louder than ever before to ensure that the sector’s contribution to the country is recognised and resourced sufficiently. Accounting for 15.7% of the total manufacturing sector by turnover and employing around 400,000 people across the UK, the food and drink industry is a national asset. As the voice of the largest manufacturing sector – food and drink, FDF has a long history of constructive partnership with UK governments. Given its economic contribution, which includes £21.5bn of gross value added to the national economy each year, we will continue to work to unlock shared value for the sector, society and the economy.”