With almost every seat accounted for in the General Election, no party has gained a clear majority and the U.K. is now faced with a government with a weakened majority.
By 11 a.m. May's ruling Conservative party had won 318 seats — eight seats short of a majority — while the opposition Labour Party led by Jeremy Corbyn had 261 seats. Meanwhile, the Scottish National Party had won 35 seats, the Liberal Democrats were at 12 and the Democratic Unionist Party had 10. Voter turnout was at 68.7 percent, according to the BBC.
Despite the bruising election result for her Conservative
Having faced calls to resign, May's Conservatives and the DUP (Democratic Unionist Party) are poised to work together in parliament. Speaking outside Downing Street on Friday afternoon, May insisted Brexit negotiations would stick to the same timetable as before.
"What the country needs now more than ever is
Investors aren't thrilled about that situation as passing legislation can be difficult with two parties that each
"We have seen two dramatic political miscalculations by two Conservative (U.K.) PMs in a short time span, it's incredible," said Heather Conley, director of the Europe program at the Center for Strategic and International Studies.
The British pound dropped sharply in Asian trade on Friday and slipped below the $1.27 handle to fresh multi-month lows. For Friday's session, it is now down around 1.6 percent against the dollar, trading at $1.2737 at 11:00 a.m. London time and continuing to fluctuate.
After winning his seat back in Islington, North London, early on Friday,
Later on Friday morning, the left-wing Labour leader said he believed Brexit talks must go ahead on June 19 despite the inconclusive election vote. Corbyn told Sky News, "(Talks) are going to have to go ahead because Article 50 has been invoked, the government in office in 11 days' time will have to conduct those Brexit negotiations."
In a speech on Friday, May said it would be incumbent on her party to offer stability if Conservatives win the most seats. The Conservative leader is expected to deliver a statement at around 10 a.m. London time amid reports that she will not step down as
SNP leader Nicola Sturgeon, meanwhile, called the early results "disastrous" for PM May and expressed disappointment over the SNP's performance, Reuters said.
On April 18, PM May surprised onlookers by calling a snap election — a decision aimed at strengthening her mandate to see the country through a hard Brexit. At that point, the Conservatives were polling ahead of Labour but as the campaign progressed, the polls narrowed sharply.
The Conservative campaign attempted to focus on the withdrawal from the European Union, repeating a mantra that only it can offer a "strong and stable" government as negotiations with Brussels heat up. Corbyn has said he will honor the U.K.'s decision to leave but he's widely expected to push for a soft Brexit and retain the benefits of the single market, a tariff-free trading bloc for EU members.