May Day, May Day, Theresa May’s gamble backfires as hung parliament is confirmed
Theresa May’s gamble of calling a snap general election to strengthen her position in Brexit negotiations has backfired, with results confirming a hung parliament for the UK. After 6 weeks of campaigns and continuously changing opinion polls, the Conservatives lost their majority.
The Labour party under Jeremy Corbyn was the party to gloat, having won 33 seats more than the previous General election back in 2015. Corbyn has now urged Prime Minister Theresa May to resign.
Expectations of the final result were for the Conservatives to finish with a total of 316 seats, 15 seats less than 2015, and for the Labour party to finish with 265 seats.
The Sterling was the first victim of this surprise results, and it fell sharply in the early trading hours by more than 250 pips. At the time of writing, it remains under pressure as the markets digest this result.
This outcome shows more uncertainty not only on who will be in a position to govern the country, but also who will be at the table when negotiations with the EU on the Brexit begin.