The Conservative party failed to reach an overall majority, and will need to rely on the Northern Irish DUP to form a working government. With just 3 seats still to declare (at 9.00am), the Conservatives are on 316 seats, Labour on 261, the SNP on 35, and the Liberal Democrats on 12 seats. To achieve an overall majority a party needs to achieve over 50% of the 650 seats available, which means they require 326 seats. The BBC has forecast that the Conservatives will end with 318 seats – eight short of the winning post.
With Brexit negotiations to begin within two weeks, the political and economic outlook remains uncertain, both in terms of the Conservative leadership, and the extent to which the election result will affect the progression of Brexit negotiations, and the likely outcome.
As a result, the pound fell against the euro and the US dollar on news of the ‘hung’ parliament.