What Does UK Hung Parliament Mean For Europe ETFs?

What Does UK Hung Parliament Mean For Europe ETFs?

May had called the snap election confident of increasing her Conservative Party's majority to strengthen her hand in the Brexit talks, instead, her authority has been diminished.

European Union leaders expressed fears that May's shock loss of her majority would delay the Brexit talks, due to begin on June 19, and so raise the risk of negotiations failing.

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.

A spokesman for Mrs Merkel had previously refused to be drawn on the issue out of "politeness and respect" while the process of forming a new United Kingdom government was under way.

According to a Downing Street statement, May was headed to the Buckingham Palace to meet Queen Elizabeth II to say her party can form the government with the support of 10 Democratic Unionist Party (DUP) MPs in the House of Commons. "Whoever it is, they are going to have to make deals with other political parties, and nearly every other political party that has an MP in the new parliament wants a softer version of Brexit", says French. On voting day, The Sun urged its readers not to "chuck Britain in the Cor-bin", but after the results were out, its front page headline, over a photo of May eating chips, was "She's had her chips". The Labour Party gained 32 seats, jumping from 229 to 261, setting back May and the Conservative Party.

"I don't think Theresa May and this government have any credibility", Corbyn said, predicting that there could be another election within months.

After confirming on Friday that her top five ministers, including finance minister Philip Hammond, would keep their jobs, May must name the rest of her team, who will take on one of the most demanding jobs in recent British political history. At the same time, pro-Europe Scottish Conservative leader Ruth Davidson said she wanted to be involved in "looking again" at Britain's aims for Brexit.

To retain her role as Prime Minister, May moved quickly announcing her intention to pursue a partnership with the DUP, a small party from Northern Ireland known for pursuing a more socially conservative agenda than the Tories.

Mrs May highlighted how "crucial" it was that a government was formed for the beginning of Brexit talks. After the Labor Party's surge in the general election, its leader Jeremy Corbyn said Prime Minister May did not have the clear mandate to carry forward Brexit talks with the EU.

May's Conservative party is still the largest party in Parliament, but no longer has enough seats to govern alone, after key seats fell to the Labour Party.

The election had been classified as a "Brexit election" and the result is being seen as giving hope to the 48 per cent who had voted to remain in the European Union in the June 2016 referendum and a rejection of May's so-called "hard Brexit" stance.

Former Conservative minister Anna Soubry added that the premier "is in a very hard place. she now has to obviously consider her position". "Let's put our minds together on striking a deal", Michel Barnier said.

"The British political system is in total disarray".

If May is to succeed in delivering the wish of the 52 percent of voters who opted previous year to take Britain out of the European Union, she must find a way to bridge the differences within her party to pass laws preparing for and enacting the departure.

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