Pound surges to four-month high but FTSE 100 tumbles as UK heads to the polls – business live

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Sterling has rallied strongly as analysts predict Theresa May will secure a larger majority in the June 8 general election

2.50pm BST

The International Monetary Fund has just got Theresa May’s election campaign off to a good start, by hiking their UK growth forecasts.

The IMF now expects Britain’s GDP to expand by 2% this year, up from 1.5% back in January and just 1.,1% last year, outperforming almost every other advanced economy.

“The global economy seems to be gaining momentum – we could be at a turning point.

“But even as things look up, the post–world war two system of international economic relations is under severe strain despite the aggregate benefits it has delivered – and precisely because growth and the resulting economic adjustments have too often entailed unequal rewards and costs within countries.”

Related: IMF ratchets up UK economic growth forecast to 2%

2.26pm BST

Share prices in London are suffering further losses.

The FTSE 100 is now down 151 points, or 2%, at 7175, putting it firmly on track for its worst one-day performance since the Brexit vote.

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