Theresa May was aiming to visit Buckingham Palace at 12:30pm today (June 9) to seek permission to form a UK government, despite losing her Commons majority.
The Prime Minister is attempting to stay in office on the understanding that the Democratic Unionist Party will support her minority administration. The DUP are however likely to demand a softer border between Northern Ireland and the Republic.
With one seat (in London to declare), the Conservatives are eight seats short of the 326 figure needed to command a majority.
Several big scalps – including Alex Salmond and Angus Robertson of the SNP, former LibDem leader Nick Clegg, treasury minister Jane Ellison and Ben Gummer (one of the authors’ of the Tories’ much-criticised manifesto) – were taken during the night, leaving the SNP and Conservatives with fewer MPs than previously. Paul Nuttall also stepped down as leader of UKIP with immediate effect, which failed to win a sear and which lost share of the vote to both Labour and the Conservatives.
Most obervers have said that a period of uncertainty will follow. Sterling tumbled two per cent against the US dollar to 1.26744 and a similar amount against the euro to 1.13, this morning.
We’ll have more on this story in the coming days – and look out for an analysis of the GE results in the next issue of Wholesale News.