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Results: 2017 U.K. General Election

EconomyJun 08, 2017 05:04PM ET
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Investing.com - The UK General Election as it happens.

At 06:00 BST it was announced that no party could reach the 326 seats required to achieve a majority, thus the result of the 2017 UK General Election was a hung parliament.

The Conservative Party lost the election, but remains the largest party. It remains to be seen whether a minority government will be formed by Theresa May's party, or if they will attempt to form a coalition with Northern Ireland's Democratic Unionist Party (DUP), who secured 10 seats in the election. This would give the Conservatives the majority they need to form a government.

The Labour Party also voiced their intention to set up a minority government.

Questions have since been raised over the upcoming Brexit negotiations due to begin 11 days after the election. The EU hinted at delayed talks.

The market

        • The pound fell as much as 2% against the dollar when exit poll announced a potential hung parliament, dropping to a low of 1.2696, its first drop below 1.27 for 2 months.
        • At 03.10 BST, GBP/USD was 1.2782. Sterling held against the 1.27 mark throughout the count
        • Asian markets opened slightly higher despite the shock exit poll
        • UK 10-year gilt yields fell 5 basis points from previous session close on Thursday
        • Following confirmation of hung parliament, investors will wait to see the European market reaction. Shares expected to rise when markets open at 08:00 BST
        • Questions raised over 'hard Brexit'

Highlights from the count

      • At 05:35 BST, the BBC declared the result of the election was a hung parliament, despite several seats still to be called.

      • Jeremy Corbyn's Labour Party exceeded expectations, with a better result than in the 2010 and 2015 elections
      • Islington North, was held by opposition leader Jeremy Corbyn
      • Maidenhead, held by Prime Minister Theresa May was won with a comfortable majority.
      • The PM assured the public that whatever the result, the Conservative party would ensure stability for UK
      • Jeremy Corbyn called for Theresa May's resignation as she looked to have failed in winning her mandate
      • Amber Rudd, home secretary and potential new chancellor, secured seat in Hastings & Rye with modest majority following a recount
      • Nick Clegg of Liberal Democrats, former deputy prime minister, lost seat to Labour
      • Vince Cable, veteran of the Liberal Democrats regained Twickenham seat from Conservatives
      • Alex Salmond, former leader of the SNP lost seat to Conservatives in Gordon
      • Aberdeen South, Moray, Ayr, Carrick & Cumnock, Angus amongst others made gains for the Conservatives from SNP
      • SNP losses in Scotland indicated that a second independence referendum is off the cards
      • Vale of Clwyd in Wales, a hotly contested seat, saw the Labour Party gain the seat from the Conservative
      • Wales, with a majority for the 'Leave' campaign was a target of the Conservative Party. The Conservatives failed to make actually lost seats in this Labour heartland
      • Paul Nuttall, leader of the UK Independence Party was defeated
      • At 22.02 BST, following the release of the first exit poll, sterling slid to 1.2738, 0.70% lower than the previous session close of 1.283

      Declared seats

      • Conservative: 318
      • Labour: 261
      • SNP: 35
      • Liberal Democrats: 12
      • DUP: 10
      • Sinn Fein: 7
      • Plaid Cymru: 4
      • Green: 1

      One seat left to be called. It was reported that Kensington in London is very close and has been counted several times. The volunteers were sent home to return later to recount.

      Exit polls not far off

      The BBC updated the exit poll several times throughout the night, at one point predicting 322 seats for the Conservatives.

      As a hung parliament was confirmed, the BBC released yet another forecast, which gave the Conservatives the greatest lead but still without the 326 MP majority required. The forecast, with most seats declared, showed 316 seats for the Conservatives, higher than the 314 projection in the initial exit poll, but lower than the forecasts released throughout the count. This leaves the Tories 10 seats short of a majority.

      The Labour forecast was 265, only down 1 seat from the initial exit poll, but remarkable and wholly unexpected gains for Labour overall.

      With 35 seats, the SNP made the losses predicted. However, despite the SNP losing a large chunk of their seats, they remain the largest party in Scotland.

      The Liberal Democrats made gains in the election, gaining at least 4 seats. The initial exit poll predicted 14 seats with the forecast downgrading this to 13. Former deputy prime minister Nick Clegg lost his seat to Labour in Sheffield.

      Forex

      At 03:45 BST the pound was down against most major currencies, as a hung parliament looked more likely.

      Against the dollar, GBP was 1.2750 down 0.62%. The US Dollar Index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.34% at 97.28. Former director of the FBI, James Comey's testimony against President Trump was not as controversial as markets feared.

      The euro was up against the pound. EUR/GBP was 0.8772, up 0.44% from the previous session close of 0.8734.

      Against the safe haven Japanese yen, sterling was down 0.23% with GBP/JPY at 140.67. While against the Swiss Franc, the pound was down 0.56% with GBP/CHF trading at 1.2347.

      Against commodity currencies, the pound was down considerably. GBP/AUD was 1.6932, down 1.37% from previous close of 1.7167. GBP/CAD was 1.7217, sterling was down against the Canadian dollar by 1.61%. Similar losses against the New Zealand dollar as GBP/NZD was 1.7669, down 1.63%.

      Throughout the election count, investors will be looking to see if Prime Minister Theresa May's gamble in calling the election paid off.

      Exit polls set the tone of the count

      The exit poll released just as the polls closed at 22:00 BST showed the possibility of a hung parliament.

      The first exit poll showed the Conservative Party will win just 314 seats, a drop from the 331 seats they won in the 2015 General Election. The poll showed the Labour Party winning 266 seats, an increase of 34 seats from the 2015 General Election.

      With 326 seats needed to win a majority, Prime Minister Theresa May's position may have weakened considerably.

      The results from the first exit poll

      • Conservative Party: 314 (down 17 seats from 2015 General Election)
      • Labour Party: 266 (up 34 seats from 2015 General Election)
      • Scottish National Party - SNP: 34 (down 22 seats from 2015 General Election)
      • Liberal Democrats: 14 (up 6 seats from 2015 General Election)
      • Plaid Cymru: 3 (no change from 2015 General Election)
      • Green Party: 1 (no change from 2015 General Election)
      • UK Independence Party - UKIP: 0 (down 1 seat from 2015 General Election)
      • Other: 138

      The campaign: projections from 100 seats to 1 percentage point, how it happened

      On June 8, the British people went to the polls for the third time in as many years.

      Prime Minister Theresa May called the election in the hope of extending the Conservative Party's majority by as many as 100 seats. Thus delivering a stronger mandate for the government in the upcoming Brexit negotiations.

      Upon calling the snap election on 18 April, the Conservatives were 20 percentage points clear of the opposition Labour Party. Indicating the election would be a landslide victory for May\'s Conservatives.

      Local elections on May 5 further strengthened belief the Conservatives would win a comfortable majority.

      The markets responded well to the predicted win, with sterling reaching highs not seen since September 2016.

      On 19 May pound edged above the 1.30 mark.

      The pound since failed to make these gains as a result of weaker than expected data, and contradictory opinion polls showed the Conservatives\' majority was decreasing.

      Several gaffes throughout the campaign weakened May\'s extended lead, such as her U-turn on the so-called dementia tax.

      A YouGov poll showed the Conservative party would lose their majority in government, sending the pound lower.

      Last weekend, a Survation poll claimed the Tories were only one percentage point clear of Labour.

      Former Home Secretary Theresa May came under intense scrutiny following the terror attack on Saturday on London Bridge, the second terror attack of the campaign, and the third in the past 3 months. Labour leader Jeremy Corbyn called for her resignation.

      This is is a breaking news story; please refresh the page for updates.

      Results: 2017 U.K. General Election
       

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