May’s snap election forces UK Politics into a hung parliament
The UK’s snap election has ended in a hung parliament this morning with the current Conservative government taking just 315 seats, down 11 seats from their previous majority. Labour took 261 seats, up 29 from their previous count. Mrs May called the snap election to cement her standing within the current UK government, this strategy has very much backfired amid calls from the Labour party for Mrs May to now resign. The job for the Conservative government will be to begin constructing a coalition of supporting parties to form a majority and continue with the job of exiting the UK from the European union. The pound fell against the dollar by 2% in overnight trading with futures predicting the UK all market will begin to sell off at the open. Political commentators are however speculating that a hung parliament will allow smaller parties with a softer vision of Brexit a greater voice in the commons which should allow for a softer Brexit which is something markets will take positively.