Media coverage across the U.K. has been unanimous: Prime Minister Theresa May has gambled on her government's future and it has badly backfired.
The Conservative leader called the snap election to strengthen her parliamentary presence ahead of tough negotiations to take the country out of the European Union. However, this aim has failed with the results now officially confirming that no party has gained a majority in the election.
Despite a bruising election result for her Conservative party, May will seek permission from the Queen to form a new government on Friday, according to a spokesperson from her office.
CNBC takes a look at the main newspaper headlines in the U.K. on Friday morning.
Nearly all votes have been counted and indicate that the U.K. will have a hung parliament with the Conservatives as the largest party.
Commentators had speculated that Theresa May's might even resign on Friday. Labour opponent Jeremy Corbyn said: "The prime minister called this election because she wanted a mandate. Well the mandate she's got is lost Conservative seats, lost votes, lost support and lost confidence ... I would have thought that's enough to go, actually."
Speaking in Maidenhead overnight, Theresa May said: "At this time more than anything else, this country needs a period of stability." By Friday morning, May was due to meet the Queen and seek permission to form a new government.
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.
Meanwhile, analysts have started questioning the impact of the vote on the upcoming Brexit talks.
JPMorgan said in a note Friday morning that Brexit talks, which were scheduled to begin on June 19, are likely to be delayed due to the political instability in the U.K.
The British pound dropped sharply in Asian trade on Friday, briefly falling below the $1.27 handle to a multi-month low. For the session, it is now down nearly 2 percent against the dollar, trading at $1.2705 at 6:30 a.m. London time and continuing to fluctuate wildly.