British Pound Remains Lower After UK Election

Britain Election

Britain Election

It's looking more likely that the United Kingdom will face a hung parliament, after exit polls late Thursday found the Conservatives are expected to come up short of a majority in the snap election.

After confirming yesterday that her top five ministers would keep their jobs, including finance minister Philip Hammond, May is expected to continue to appoint the government that will take on one of the most demanding negotiations in British history.

The European Union's budget commissioner Guenther Oettinger said Friday he was unsure if Britain's negotiations about leaving the EU - known as "Brexit" - could begin on time after the Thursday election failed to elect a clear victor, according to a report by Reuters.

The U.K.'s House of Commons contains 650 seats, meaning that a party must win at least 326 seats to hold a majority and form a government. Labour surpassed expectations by winning 262.

Conservative supporters also said Brexit had been the most important factor in their decision, as did Liberal Democrat voters. But Britain's Saturday newspapers agreed she is just clinging on. The second is that one party (usually the largest) forms a minority government, in which it relies on the support of other parties to pass bills on an ad-hoc basis. The leader of the DUP confirmed that talks are happening.

Downing Street said it hopes to finalize the deal next week, after Parliament resumes sitting. The first is that two or more parties form a coalition government. But the Brexit timetable has been thrown into jeopardy as the opposition Labor Party saw its vote share soar. There is a possibility that a progressive alliance may have as many seats as the Conservatives. The DUP is a socially conservative group that opposes abortion and same-sex marriage and had links to Protestant paramilitary groups during Ireland's sectarian "Troubles". She's then got to present a programme to Parliament.

Instead, May will enter the talks that begin June 19 in a weakened position. The speech will be followed by several days of debate and a vote - and defeat would nearly certainly topple the government.

"She said, 'Give me a mandate.' And the answer was, 'No.' And that means we have to rethink everything, the entirety of the way we're doing Brexit", Dunt said. Without the amendments, he said Labour would try to vote down the speech.

"I am delighted to see Labour do so well. I don't want to be derogatory, but I think she is a lame duck now".

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