Markets liked Rishi Sunak’s election as our next Prime Minister. Gilt yields fell, which should mean lower interest rates for borrowers, and shares were up. The FTSE 100 closed 44 points higher at 7,013.99 while the FTSE 250 rose 131 points to 17,337.55.

That said, we shouldn’t get carried away about our economy. A survey looking at confidence levels among purchasing managers in the UK was poor with a 47.2 rating for October. Any number below 50 suggests that the economy is contracting, so it looks like the recession may have already started.

In our movers today, we look at why shares in Pearson have jumped 10% and also why it’s been a bad day for "the man from the Pru".