The Conservatives remain Parliament’s biggest party but would have to rely on support from the Democratic Unionist Party to stay in power. Prime Minister May is set to ask the queen for permission to form a government, dw.de reports.
When Theresa May called Thursday’s snap general election in April, the prediction was a Conservative landslide and annihilation for Labour. That has been turned on its head, with the Conservatives losing their majority in the House of Commons after an opposition surge created one of the most dramatic reversals of political fortune in Britain’s electoral history.
Rather than resigning as some politicians have called for, May will visit Buckingham Palace on Friday to seek permission from Queen Elizabeth II to form a minority government, according to Downing Street. Media report that the Democratic Unionist Party of Northern Ireland is prepared to back May without a formal coalition agreement.
With almost all seats declared, no party will reach the threshold of 326 required for an overall majority. May has been humiliated, ending the election with fewer seats than when she called it. At present, it appears that the Conservatives will have 318 seats, Labour 261 and the Scottish National Party 35. In terms of vote share, the Conservatives won around 44 percent of the vote and Labour 41 percent.
Though the Conservatives have historically been brutally pragmatic following electoral defeats – as evinced by Prime Minister David Cameron’s swift departure after last year’s Brexit referendum – May has insisted that she will not resign.
Whether she is able to continue governing with the help of the Democratic Unionist Party remains to be seen.
On the other hand, the value of the pound has plunged after the scale of the Tory election calamity emerged overnight
The price of Sterling was 1.2666 dollars Friday morning compared to 1.2937 dollars at the previous close last night after the market failed to predict Theresa May would lose her majority.
But the FTSE 100 opened up more than 75 points after the result put a hard Brexit and leaving the single market in some jeopardy.