That's it from Business Live for today.

But we'll be back bright and early from 06:00 on Monday morning.

Do join us then for all the latest breaking news and analysis.

There were some biger climbers in the blue-chip index today.

Housebuilders led the way with Taylor Wimpey +14.68%, Barratt Developments +14.01%, Berkeley Group +13.99% and Persimmon +12.01%.

Other notable risers included International Consolidated Airlines +13.08% and utilities Severn Trent +8.96% and Centrica +8.39%.

The biggest faller was Polymetal International which fell 3.24%, followed by Fresnillo which dropped 3.05%.

Image source, Getty

Sterling hit an 18 month high against the dollar today.

It's now at $1.337 – which means it climbed more than two cents today.

The FTSE 100 ended the day at 7,353.44 after climbing 79.97 or 1.10%.

Meanwhile the mid-cap FTSE 250 closed at 21,507.79, a rise of 714.76 or 3.44%.

With UK markets set to close in a few minutes, there are a lot of share showing double digit rises today.

Virgin Money is up almost 20%, while Stagecoach has climbed almost 16%.

Taylor Wimpey remains the top riser in the FTSE 100, up around 15%.

Image source, WORKSPACE

Office space company Workspace has provided a six-month update after the result of its annual general meeting in July where 20.38% of votes were cast against the re-election of non-executive director Stephen Hubbard.

"The company has since constructively engaged with shareholders to understand the reasons behind this result. The board understands that votes against Mr Hubbard's re-election were based on his additional board roles, and in particular his role as executive chairman of CBRE UK.

It says it was told in November that Mr Hubbard would be retiring from that position on 31 December 2019.

"The board continues to believe that Mr Hubbard is a valuable and effective non-executive director and is satisfied that he is able to devote sufficient time to his role at the company in order to effectively discharge his responsibilities."

Image source, Getty Images

As expected, the taxi app Uber is appealing TfL's decision to cancel its licence in London.

Jamie Heywood, regional general manager for northern & eastern Europe, Uber said: “We are appealing TfL’s decision. Safety is our top priority which is why we have robust systems and processes in place.

"We are committed to Londoners and are working closely with TfL to address their concerns and requests, as we have since 2017. When it comes to safety on our platform our work is never done and we will keep listening, learning and improving.”

More on that US and China phase one trade agreement.

“President Trump has focused on concluding a phase one agreement that achieves meaningful, fully-enforceable structural changes and begins rebalancing the US-China trade relationship," said US trade representative Robert Lighthizer.

"This unprecedented agreement accomplishes those very significant goals and would not have been possible without the President’s strong leadership.”

Image source, Getty Images

China and the US have agreed on the text of a phase one trade deal, which will see the removal of tariffs on Chinese goods in stages, Vice Commerce Minister Wang Shouwen has said.

China will increase imports from the US as part of the agreement, Wang said at a briefing in Beijing earlier.

The comments are China’s first response to a deal signed off by US President Donald Trump on Thursday that would halt higher tariffs planned for Sunday and represent the first phase in defusing the trade war that’s shaken the global economy.

Image source, Getty Images

We've now had confirmation of that Philip Green story broken by Sky News earlier.

The retail tycoon has agreed a deal with an American private equity company to keep the doors open at his flagship Topshop store.

He has remortgaged his building on Oxford Street, which houses a 100,000 sq ft Topshop and Topman, as well as a giant Nike store, and offices above the shops, his company Arcadia confirmed.

US private equity giant Apollo has signed a £310m deal which will give much-needed refinancing for the building, ahead of a deadline due at the end of the year.

"The Arcadia Group Ltd is pleased to confirm it has completed the refinancing of its £310m loan on 214 Oxford Street for 4 years term with Apollo Management International LLP," the company said in a statement.

Image source, PA Media

Beginning his first official speech as prime minister, Boris Johnson says this morning he went to Buckingham Palace and is forming a new government.

He calls it a "people's government", and promises to honour the mandate to "get Brexit done" by 31 January.

He says he wants to speak directly to the people who voted for the Tories for the first time.

"I say thank you for the trust you have placed in us and me, and we will work around the clock to repay your trust and deliver on your priorities," he tells them.

Addressing those who did not vote for him including Remain supporters - he says: "We in this one nation Conservative government will never ignore your good and positive feelings of warmth and sympathy to the other nations in Europe".

His speech comes after the final election result was declared, taking the Conservatives to a majority of 80.

China has said that the first-phase trade negotiations with the US have achieved major progress.

That's pleased US markets with the Dow Jones up 109.67 or 0.39% at 28,241.

Meanwhile the S&P 500 is up 0.29% at 3,177.80.

The FTSE 100 is now up 1.53% on the day at 7,386.34.

The wider FTSE 250 index has climbed 711.20, or 3.44%, at 21,507.43.

Image source, Getty Images

Mat Sechovsky, Fitch Solutions’ senior political risk analyst, says that the extent of the Conservative Party's victory will allow Boris Johnson to "pass the new Brexit deal, begin negotiating a crucial UK-EU free trade agreement (FTA), and implement investment and other pledges from the Conservative manifesto".

"The UK will now almost certainly leave the EU by January 31, 2020, though the timeline of the FTA talks with the EU will likely prove unrealistic and require adjustments either on timing or scope, leading to uncertainty on possible tariff barriers in UK-EU trade from January 2021".

He said Labour could shift toward more centrist policies in the longer term while the the Scottish National Party’s performance will lead to greater tensions with the next Conservative government. "We expect the party will hesitate to immediately push for independence out of economic concerns," Mr Sechovsky.

Image source, Getty Images

The Dow Jones Industrial Average fell 8.41 points, or 0.03%, at the open to 28,123.64.

The S&P 500 opened lower by 1.92 points, or 0.06%, at 3,166.65, while the Nasdaq Composite dropped 3.41 points, or 0.04%, to 8,713.91 at the opening bell.

Andrew Walker
World Service economics correspondent

Image source, Getty Images

Now it seems certain the UK will be leaving the EU at the end of January, it brings into sharper focus the matter of the future trade relationship.

The Withdrawal Agreement (WA) sets up a transition period lasting until the end of 2020. Up to that date, trade relations remain unchanged.

The government and the EU will seek to negotiate a new trade relationship in that eleven month window.

The aim, set out in the Political Declaration accompanying the WA, is an agreement that ensures no tariffs and no quotas on bilateral trade.

Such a deal would be underpinned by what are called level playing field provisions, to prevent “distortions of trade and unfair competitive advantages”. The declaration includes these areas as important in the level playing field discussions: social and employment standards, the environment and state aids (or government financial support to business).

The more closely the UK is willing to align in these areas the more ready the EU will be to agree to tariff-free trade. And the more closely aligned on regulation the UK is, the less exporters are likely to face checks and controls when taking goods through customs.

Those provisions are to be negotiated and it’s not hard to imagine that being a challenge. After all for many pro-Brexit campaigners the freedom to diverge from EU rules is one of the prizes of leaving.

That raises the question of whether the deal can be negotiated in the time available. The WA does allow the transition period to be extended by up to two years but it also says that has to be agreed by the beginning of July 2020.

Mr Johnson will be under political pressure not go for an extension.

Ending the transition period without a deal, or trading on what are called World Trade Organization terms with the EU, remains possible. That would mean British exporters facing the same tariffs and many other barriers that the EU imposes on other countries with which it has no trade agreement, such as China and the United States.

There are many trade partners the EU does have trade agreements with including Japan, South Korea and Chile who would in that situation have tariff-free access to the EU that the UK would not.

Image source, Reuters

Today's election result offers a great opportunity, reckons Tim Morris, chief executive of the UK Major Ports Group.

"The UK’s ports offer the opportunity to unleash the potential of our Coastal Powerhouse – boosting post-Brexit capability to trade with the world, growing jobs and prosperity in coastal communities and enabling a more sustainable, net zero UK," he said.

"The ports are ready and ambitious to do their bit."