Britain to Stay Hung
The results are in and unfortunately for PM Theresa May they are extremely bad for her, the United Kingdom and for the not so “Great British Pound”.
May’s supposedly strategic move backfired with a big boom. The Conservative party has lost its majority in the British Parliament and currently are standing with a majority of won seats.
The Conservative party has won 315 seats so far with only 4 more seats to be assigned. The required number of seats that is needed to win a majority in the parliament is 326 seats which cannot be complete at this stage.
May is currently facing calls to resign from her position after her election gamble to win a stronger mandate backfired heavily, leaving no single party with a clear claim to power just 10 days ahead of the start of negotiations on Britain’s divorce from the European Union.
The pound fell sharply after May’s Party lost its parliamentary majority in a general election, throwing the country’s politics into turmoil and potentially disrupting Brexit negotiations.
GBP vs. USD was down 2.3 percent at $1.2651 after sliding to as low as $1.2636 and was at its weakest point for the last 7 weeks.
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