Pound slides as Conservatives fail to earn a General Election majority
Brexit negotiations could be delayed as Britain reacts the hung parliament
by Abi Moses on 9th June, 2017
The Pound continues to fall against both the Dollar and Euro this morning after the results of yesterday's General Election.
Theresa May's Conservative party were hopeful of strengthening their position in Parliament ahead of the forthcoming Brexit negotiations but the election turned into anything but the landslide result Ms May had hoped for.
Although the Conservatives earned more votes than any other party they have failed to earn a majority. Now we face the prospect of either a minority or another coalition government. One thing for sure, the Brexit discussions set to go ahead on June 19th are likely to be delayed.
Theresa May has insisted that she will not resign and looks likely to try and forge an agreement with another part in order to achieve the required seats. Ireland's Democratic Unionist Party is thought to be a viable option.
It is believed the Conservatives and DUP discussed the option through the night, with a DUP source insisting, "We want there to be a government. We have worked well with May. The alternative is intolerable. For as long as Corbyn leads Labour, we will ensure there’s a Tory PM."
If the Tories and DUP manage to strike a deal then one compromise may have to be the post-Brexit future of Northern Ireland. Rival Irish party, Sinn Fein, have made a clear case for Northern Ireland to receive special status when the UK exits the EU, something the DUP want to avoid. The DUP stated, "While we will focus on the special circumstances, geography and certain industries of Northern Ireland we will be pressing that home very strongly. Special status, however, within the European Union is a nonsense. Dublin doesn’t support it. Brussels doesn’t support it. The member states of the EU would never dream of it because it would open the door to a Pandora’s box of independence movements of all sorts. The only people who mentioned this are Sinn Fein."
Predict what effect the hung parliament will have on the future of the Pound and all other major currencies and start trading today.
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