British pound pounded post-election

Sinn Fein leader in Northern Ireland Michelle O'Neill arrives at a polling station at St Patrick's primary school in Annaghmore Clonoe
Sinn Fein leader in Northern Ireland Michelle O'Neill arrives at a polling station at St Patrick's primary school in Annaghmore Clonoe
Author

12 June, 2017

But Mrs May decreed that the snap election which she called should be about her, not her party.

The 10 MPs from the Northern Irish party will be crucial in supporting the Conservatives on key votes.

"This will allow us to come together as a country and channel our energies towards a successful Brexit deal".

"She's staying, for now", one Conservative Party source told Reuters.

Britain's largely pro-Conservative press questioned whether she could remain in power with the clock ticking on the two-year European Union divorce process.

May said Brexit talks would begin on June 19 as scheduled, the same day the British parliament is due to reconvene.

German Chancellor Angela Merkel said she assumed Britain still wanted to leave the European Union and talks should start quickly.

The research house expects a decline in the pound to the USA dollar to 1.24 and a rally in the euro to the pound to 0.90 by end-2017, with downside risks to these forecasts.

"Do your best to avoid a "no deal" as result of "no negotiations", Donald Tusk, leader of the EU's ruling council, wrote in a tweet.

Late in the campaign, Britain was hit by two terror attacks that killed 30 people in Manchester and London, temporarily shifting the focus onto security issues.

Mr Corbyn would be unlikely to win backing for a minority government, but was clearly revelling in a storming performance after pundits had pronounced the Labour Party all but dead. "Whoever takes over has to understand campaigning is important", he told AFP in London.

With 649 of 650 seats declared, the Conservatives had won 318 seats.

The charities minister had held his Reading East seat since 2005, before being defeated by Labour's Matt Rodda, who gained a majority of 3,749 on Thursday.

Newspapers reflected the political tumult, with headlines such as "Britain on a knife edge", "Mayhem" and "Hanging by a thread".

Labour had 262, up from 229, and the Scottish National Party 35, a loss of about 20 seats that complicates the party's plans to push for independence.

"We don't really think she has a mandate to now, she's really made a fool of herself and really, quite frankly, she should step aside and let us have a go".

The possibility of a hung Parliament was in the air.

"It creates another layer of uncertainty ahead of the Brexit negotiations", said Craig Erlam, senior market analyst at OANDA currency traders.

But Dogus, who arrived in Britain in his teens from Turkey, was also keen to make his campaign about himself, using his experience with setting up and running small businesses to win over voters, rather than focusing on the Labour leader.

Ghany opined no. He said if May had been forced to resign this might have been the case, but as it is, she had got the Queen's permission to form a minority government, and is also getting interim stability from the DUP. "The election result shows there really is an alternative and I'm really pleased", said the 46-year-old teacher of children with disabilities and special needs.

The two sides are looking to form a "confidence and supply" arrangement.

If May was right that her party's narrow majority impaired her ability to negotiate optimal terms for withdrawal from the European Union, it's hard to see how she (or another Conservative prime minister) wouldn't be at an even greater disadvantage negotiating on behalf of a minority government.

"We will work with others, if it is at all possible, to keep the Tories out of government". It said Britain was "effectively leaderless" and the country "all but ungovernable".


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