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It has been a disastrous month for British Prime Minister Theresa May, who has seen her lead in the UK election polls decline to just a few percentage points following the tragic terrorist attack in Manchester.

The Conservative party looks set to fall nine seats short of a majority government in next week’s UK election, according to polling company YouGov, which previously predicted a shortfall of 16 seats.[1]

May Vs Corbyn in UK election

Opinion polling in recent weeks has shown a huge upsurge in support for Jeremy Corbyn, who heads the opposition Labour party.
For the first time, more voters in the capital city of London think Corbyn would make a better prime minister than May. Labour has opened up a huge 17-point lead in London, which some pollsters say could swing the election.

May on the UK election

May has described the election as “the most important this country has faced in [her] lifetime,” referring of course to upcoming Brexit talks with the European Union (EU).

She added, “If we get Brexit right, I am confident the future will be bright.”[2]

Snap! UK election plans face hurdles

When May announced the snap parliamentary UK election on the 18th of April, her party was widely expected to build on its narrow majority in the House of Commons. This would in effect unite the party leading into trade negotiations with Brussels. But the campaign appears to have backfired after May announced a U-turn on her party’s social policy.[3] What’s more, the terrorist attack in Manchester didn’t shore up support for the Tories even after the MI5 Security Service raised the terrorist threat level to severe.

The UK election will take place on 8 June, two years after the last parliamentary vote. The financial markets will be on high alert as Corbyn continues to catch May in the polls. The impact on the markets could be severe in the event the Conservatives lose their House majority. At the same time, a favourable result for Labour might once again strengthen the case of the Europhiles who are opposed to a hard Brexit.

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