Will May stay on?
British pound falls after election results
There is still a lot of uncertainty in Britain right after the elections. Prime Minister May's conservative party has not received the broad support hoped for. Based on the first results, the British pound drops.
The first counted results of Friday morning 9 June show that the Conservatives have won 309 seats. The Labor Party has 258 seats, the Scottish National Party has 34 seats and the Liberal Democrats currently have 12 seats. This means that the Conservatives do not have an absolute majority.
309
seats
Will May stay on?
President May called early elections to secure a large majority. This would put May in a stronger position during the planned Brexit negotiations. Because of this result, there must be a coalition government or a minority government.
Although the Conservatives are still the biggest, the result can be seen as a defeat for Prime Minister May. Whether or not she will stay on is uncertain. Friday morning 11 am, Dutch time, May will give an official response to the result. There is a chance that she will resign. However, the BBC and Sky News have been informed by its campaign team that it has no intention of doing so.
British pound down
The British pound was about 1,5 percent lower on Friday morning at 0,8785 euros. On Thursday evening, just after the first results, the pound was even 2 percent lower. The pound also weakened against the dollar. The uncertainty associated with the election results is therefore not good for the pound.
When the British opted for a Brexit last July, the shock was much greater. Then nearly 10 percent of the value of the British pound evaporated.
Wouter Job
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