The British pound slid while the main FTSE share index went up in reaction to after the shocking election results resulting into a ‘hung parliament’ and fears that Brexit negotiations could be delayed. The sterling collapsed to an eight-month low at $1.27 as investors fear the prospect of a softer Brexit although it was able to partly recover to later in the day.
May Loses Significant Numbers
Theresa May lost 12 seats in the Parliament and the numbers are enough for the Prime Minister to no longer control a majority. Jeremy Corbyn of the Labour Party on the other hand gained nearly 30 seats. But even if May have lost some significant numbers she’s likely to remain prime minister. Financial analysts agree that the political uncertainty is the primary reason why sterling dropped significantly as the possibility of a soft Brexit is likely to happen
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