UK Election: Hung Parliament confirmed; pound declined to lowest since April

UK’s much-anticipated snap General Election has finally resulted in a hung parliament. Prime Minister Theresa May’s gamble by calling the snap general election has now backfired. While she was hoping for a more stable government, the election has now triggered more uncertainty than anyone would have guessed and that is before the beginning of crucial Brexit negotiations. While the Labour Party leader Jeremy Corbyn is rejoicing the night, two dreams have been shattered; one of Theresa May’s, as her Party failed to gain absolute majority in the election, and another of Nicola Sturgeon’s, who saw her party losing 19 seats at least compared to the previous election confirming dwindling support for a Scottish Independence.

Election Results:

• 646 of the 650 seats have been declared so far. Ruling Conservative Party has won 315 seats. Opposition Labour Party has won 261 seats. Scottish National Party has won 35 seats. Liberal Democrats have won 12 seats. Democratic Unionist Party has won 10 seats. Sinn Fein has won 7 seats.  Plaid Cymru has won 4 seats, and Green party has won 1 seat.

The pound has declined to the lowest level since April this year. Ironically it has declined to the lowest since 18th April, which the very same day Prime Minister May was called the election that led to almost 300 pips rally in the pound hoping for a big win for the Conservatives.