British Elections: Conservatives Lose Absolute Majority

Britain’s ruling party has lost its bid for absolute control of the House of Commons. The British pound has shown a negative reaction to the election results. It is said that the current political developments will not be without impact on the process of Britain’s withdrawal from the European Union.

The British Conservative Party, led by Prime Minister Theresa May, has lost its absolute majority in the House of Commons in an early election. According to reports, after vote counting in nearly all 650 electoral constituencies by Friday morning (June 9/May 30), the Conservatives no longer have the chance to secure 326 seats in the House of Commons (absolute majority).

Following the release of initial election results, it had been announced that the ruling Conservative Party was ahead of its main rival, the Labour Party, though narrowly. According to the latest vote count results, the Conservative Party has won 318 seats and the Labour Party 261 seats out of a total of 650 seats.

Following the first predictions of election results, the value of the British pound dropped sharply, losing 1.3 percent against the dollar and 1.5 percent against the euro.

The election results may not be without impact on the process of Britain’s withdrawal from the European Union—Brexit. An economist at the JP Morgan financial institution believes that following the ruling party’s defeat in achieving absolute control of the House of Commons, the likelihood that Britain will request that Brexit negotiations be postponed has increased noticeably. According to this economic expert, the current political developments in Britain will cause disruption in the intense process of Brexit negotiations.

Source: DW