Published: Mon, June 12, 2017
Medicine | By Earnest Bishop

Pound tumbles on UK election turmoil

Pound tumbles on UK election turmoil

British Prime Minister Theresa May lost her parliamentary majority in an election on Thursday and is in talks with Northern Ireland's Democratic Unionist Party (DUP) for support to form a new government.

A stony-faced May, speaking on the doorstep of her official Downing Street residence, said on Friday the government would provide certainty and lead Britain in talks with the European Union to secure a successful Brexit deal.

With Home Secretary Amber Rudd, Brexit Secretary David Davis, and Defence Secretary Sir Michael Fallon all retaining their posts, there was speculation any reshuffle could be limited to replacing the eight ministers who lost their seats in the election.

The EU's chief negotiator said the bloc's stance on Brexit and the timetable for the talks were clear, but the divorce negotiations should only start when Britain is ready. Everything depends on the systematic development of the class struggle in opposition to the incessant demands that workers and youth tie their fate to the personality of Corbyn and the right-wing, pro-business and pro-war party that he heads.

Labour's next big push will come during the Queen's Speech on June 19 which will herald the opening of a new parliament in the United Kingdom and will contain a new budget as well as the program of government.

"Cable is trading sub 1.2650 at its lowest levels since Prime Minister May called for the election in April".

With the party in a position to hold the balance of power at Westminster, senior MP Sir Jeffrey Donaldson said his party would be "serious players" in a hung parliament, telling the BBC: "This is ideal territory for the DUP because obviously if the Conservatives are just short of an overall majority it puts us in a very strong negotiating position and certainly that is one we would take up with relish".

"We had very good discussions yesterday with the Conservative Party in relation to how we could support them in forming a national government, one that would bring stability to the nation and those discussions continue".

The Times of London said in an editorial that "the election appears to have been, among other things, a rejection of the vague but harshly worded prospectus for Brexit for which Mrs".

Pound tumbles on UK election turmoil
Pound tumbles on UK election turmoil

Founded by Ian Paisley and now led by Arlene Foster, the DUP is the largest party in the Northern Ireland Assembly and is now the fifth-largest party in the Commons.

"I don't think Theresa May and this government have any credibility".

Sterling immediately plunges on global markets, with the pound falling over 1.5% against the dollar and 1% against the euro within minutes. Davidson also said she had received reassurances from May that the party's deal with the DUP would not involve a rollback of gay rights. That said May had "spoken with the DUP to discuss finalising" a deal in the coming week.

The finance expert continued: "With Brexit negotiations due to start in little over a week, many in Brussels will be secretly licking their lips at the prospect of Britain's weakened leader kicking off the process in shame rather than with a swagger".

"That's what people voted for last June".

But her campaign unraveled after a policy u-turn on care for the elderly, while Corbyn's old-school socialist platform and more impassioned campaigning style won wider support than anyone had foreseen.

"I can still be prime minister", Corbyn said. "That's not a matter for me", she said.

That timeline now looks even more ambitious than before, not least because May's electoral debacle has emboldened those within her own party who object to her "hard Brexit" approach of leaving the European single market and customs union.

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