British Prime Minister Theresa May’s decision to call an early election in a bid to strengthen her grip on power appeared early Friday to have spectacularly backfired. Her Conservative Party is at risk of losing its parliamentary majority.
The outcome – an astonishing turn following a campaign that began with predictions that May would win in a historic landslide.
The Labour Party was estimated to win 261 seats – an unexpected gain of dozens of seats under far-left leader Jeremy Corbyn. The outcome gave him at least a chance, albeit a remote one, of becoming prime minister – something virtually no one had thought possible before Thursday’s vote.
“The prime minister called this election because she wanted a mandate,” said Corbyn in a speech after winning reelection to his north London seat. “The mandate she’s got is lost votes, lost Conservatives seats, lost confidence.”
Corbyn then said May should resign.
In the early minutes after the exit polls’ release, the pound fell 2 percent as investors reacted to potential political turmoil. Sterling dropped to 1.2750 against the U.S. dollar, its lowest level since May’s call for a snap election in April.
What is a hung Parliament?
When no single party can get enough MPs to form a majority on its own the Parliament is said to be “hung”. This happened at the 2010 general election.
In a hung parliament, the Conservative government will remain in office – and Theresa May can live in Downing Street – until it is decided who will attempt to form a new government or unless she decides to resign.
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