Is The British Pound Still Falling? Election Brings Uncertainty To English Currency

May had unexpectedly called the snap election seven weeks ago, three years early, polls predicting she would massively increase the slim majority she had inherited from Cameron.

Current Prime Minister Theresa May, leader of the conservative party remains in her post as she is forming a minority government with the help of the Democratic Unionist Party (DUP).

May called the election called in a bid to strengthen her mandate ahead of European Union exit talks. Those 10 MPs, plus the 318 Conservative MPs that were elected on Thurdsay, are enough for a majority in Parliament.

May's aides, Nick Timothy and Fiona Hill, announced on Saturday that they had quit following sustained criticism of the campaign within the party. Their influence had increasingly angered senior ministers.

But her dreams of a Margaret Thatcher-style majority were completely shattered as Labour made gains across the United Kingdom to claim 262 seats.

"To be acceptable domestically, this deal must minimize the economic risks inherent in Brexit and not put parliament in a position where it is forced to test Theresa May's proposition that "no deal is better than a bad deal". But, instead, support for her party declined dramatically, leaving her government far more precarious than before.

"The British political system is in total disarray".

With the Lib Dems picking up just 12 out of parliament's 650 seats, Smith was convinced his stance against the two dominating parties would not block Britain's European Union departure.

May, who went into the election with a reputation for quiet competence, was criticized for a lackluster campaigning style and for a plan to force elderly people to pay more for their care, a proposal her opponents dubbed the "dementia tax".

One minister told The Sun: "She is going to limp on like a lame duck".

The British pound tumbled on Friday against the US dollar and the euro before stabilising, down 1.7 and 1.4 percent against the two currencies respectively.

May and her team of ministers retain full legal powers and will continue heading the government, until a new one is sworn in.

May has said Brexit talks will begin on June 19 as scheduled, the same day as the formal reopening of parliament.

Her government has already triggered Article 50 of the EU Lisbon treaty which could see Britain formally leave the EU by March 30, 2019. But as Gardner warns, without getting the strong majority she wanted, May remains beholden to the Euroskeptics in her party.

Labour Party leader Jeremy Corbyn, speaking after being re-elected in Islington North, said it was time for Mrs May to "make way" for a government that would be "truly representative of the people of this country". In 2010-15 they entered a coalition with the Conservatives, but were badly burned by the experience which damaged the party's reputation among voters. Many analysts said it was unlikely May could remain leader for long now that her authority has been eroded.

Foster may then seek concessions from May in exchange for providing the needed seats.

It would represent a remarkable turnaround in Labour and Jeremy Corbyn's fortunes and a spectacular decline in the popularity of Theresa May's Conservatives since the Prime Minister's decision to call the snap election.

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