As was widely expected, Boris Johnson has won the race to become the leader of the Conservative party and, consequently, Prime Minister of the UK as of Wednesday. Given that Mr Johnson has said he is willing to take the UK out of the EU with or without a deal come October, the outlook for the UK economy and its markets remains as uncertain as ever. As the result was largely expected, the immediate reaction has been muted, with Sterling already having priced in the idea of Mr Johnson's victory and falling last week to its lowest against the US dollar since January 2017. Today, the currency is relatively steady against major peers. Meanwhile, UK stocks continue to rally along with global markets today. UK government debt is, however, rallying marginally as UK investors seek to increase exposure to safer UK assets in the wake of today's news.