The UK election just got a lot more interesting in a big negative way for the British pound.
As most of you know, the election ended without a clear majorityfor any party. The Conservatives or Tories won the most seats and votes, but would need to create a coalition with the Liberal Democrats to reach a majority. The same holds true for the Labour Party. The Lib Dems had been working with the Tories to hammer out an agreement by which a coalition would be formed.
The Lib Dem leader Nick Clegg was attempting to get the Tories to agree to a referendum on election reform that would allow voters to order candidates in order of preference. Second-choice votes are allocated if no candidate wins 50 percent of the first preference votes.
Clegg had also been pushing for proportional representation.