United Kingdom exit poll: Conservatives may fall short of majority

United Kingdom exit poll: Conservatives may fall short of majority

May had called for Thursday's snap election just seven weeks ago, rather than waiting until the next scheduled national election in 2020. It has also promised to consult Parliament more closely throughout the negotiations and give members a "meaningful vote" on a final deal.

May's majority in parliament until the snap election was only held by 17 seats, but now she is at a considerable disadvantage.

"For the economy, households and corporates will be concerned by the increased political uncertainty", said Azad Zangana, senior European Economist at fund manager Schroders in London.

The British PM, however has shown no inclination to resign and is trying to form a minority government with the help of Northern Ireland's Democratic Unionist Party (DUP).

May met with Queen Elizabeth II and made a short statement outside Downing Street on Friday. They will want their goodies from May's government. So don't expect negotiations to go Britain's way.

Under these circumstances, the only option left for such a government would be to call a vote - whether a general election or a second referendum - focused on the Brexit agreement that the Conservatives negotiate. Negotiations with European officials had been set to begin on June 19.

No 10 has confirmed that Philip Hammond, Boris Johnson, David Davis, Amber Rudd and Michael Fallon will all keep their existing jobs as Chancellor, Foreign Secretary, Brexit Secretary, Home Secretary and Defence Secretary respectively.

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Jean-Claude Juncker, President of the European Commission, said he hoped there would be no further delays, and that the result of the United Kingdom general election would not have a "major impact on the negotiations we are desperately waiting for".

"We were knocking on doors and those doors hadn't been knocked on for years and they were in Labour areas".

So is Britain's European Union exit now in doubt? "We are ready to do everything we can to put our program into operation", he said. "With a weak negotiating partner, there's the danger that the negotiations will turn out badly for both sides". She said the country "needs stability" after the inconclusive election result. The party's leader, Arlene Foster, slammed Corbyn and said ahead of the election, "He hasn't condemned IRA for the violence they visited upon people in everyday lives".

Corbyn, 68, may not have dislodged May in the polls but the Labour Party's strong showing prompted him to demand her resignation, saying she "lost votes, lost support and lost confidence" of the people. But few believe she can hang on for more than a few months.

"As I reflect on the result, I will reflect on what we need to do in the future to take the party forward", May said before adding "I obviously wanted a different result".

Former conservative minister Anna Soubry added that the premier "is in a very hard place. she now has to obviously consider her position".

In the British Parliament elections, with the results of 649 of 650 seats declared, the Conservatives have won 318 seats (42 per cent vote share) while the Labour Party has won 261 seats (40 per cent vote share), the media reported.

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