United Kingdom opposition Labour Party says will seek to form minority government

But this wasn't enough to get them over the line, with the Conservatives falling less than a dozen seats short of a majority. He ripped up the political rules from the minute he chose to stand for the Labour leadership.

"I think she can hold on. going into a hung parliament, to lose our prime minister would be disastrous".

Labour Party leader Jeremy Corbyn defies the forecasts and his critics to win power either as a minority government or at the helm of a coalition. Though Labour is not expected to form the next government, even through an alliance with smaller parties, the vote suggests the British warmed to the party's vision of keeping close ties with the lucrative European Union market. But this is an unlikely scenario. MPs will return to parliament on Monday.

In a BBC video hugely shared on social media, a woman called Brenda seemed to speak for many after the election was announced.

There is a possibility, yes.

The value of the British pound tumbled 1.6%, to $1.27, immediately after the exit poll results came out. This would probably be held sometime in August.

When will we know the identity of our next prime minister?

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It could be within days, or it could take weeks.

Parties now have to scramble to create a deal or coalition to form a government. No party won a majority in elections in 1909, 1929, 1974 and 2010.

British media has been awash with the fact that this snap election has been a political gamble gone wrong for the Conservative party and has thrust the United Kingdom into another uncertain political environment.

Speaking shortly before the announcement of Mrs May's visit to the Palace, Ms Foster said it was "too soon to say" what would happen and predicted it would be "difficult" for the Prime Minister to continue in her role.

If May stays on, her job will become much harder.

This may require a different prime minister. They elect MPs to represent them in the House of Commons. If Theresa May resigned, which she would not be obliged to do, then Corbyn would be next in line to form a government if he could win the support of a majority.

What does "command confidence" mean in practice?

Without such a majority, the government can not be assured of passing legislation and often has to rely on the support of other parties. With 650 MPs elected that should mean securing the support of a simple majority of 326 MPs.

It would also in theory make it cheaper for foreign people and companies to spend and invest in Britain, though analysts say any gains would likely be offset by the chilling effect the general uncertainty will have on business investment.

According to Sky News at 9.30 Friday morning, 316 seats had been declared for the Conservatives, 261 for Labour, 35 for Scottish National Party, and 12 for the Liberal Democrats, and 23 for other parties.

The SNP has shown more openness towards the idea of coalition government. "[ Labour] made a really positive offer to an electorate who is fed up with austerity, that has doubts about globalization, and the neo-liberal economic model we have had for so long", Tim Bale, Professor of Politics at Queen Mary University of London tells TIME.

Labour Party leader Jeremy Corbyn smiles after arriving at his constituency in London.

Upheaval for ruling Conservative Party?

The DUP has had a close relationship with May's team and the Tory manifesto had already guaranteed that there was "no question of joint authority" with the Irish government over Northern Ireland.

"I think we need a change".

"Theresa May has the personal warmth, wit, oratorical ability and attractiveness of an Indesit fridge-freezer which has been faultily connected by a man called Trevor for five quid, cash in hand, and which is now full of decomposing Findus Crispy Pancakes", satirical writer Rod Liddle wrote in the conservative political weekly The Spectator. They could include a guarantee of continued funding of security and further investment into the province. When his gamble failed, May inherited Brexit and the party, with its simmering divisions.

"The manifesto, which was drafted by her and about two other people, was a total disaster and must go down now as one of the worst in history by a governing party", former Conservative Treasury minister George Osborne said.

Complicating the outlook for the pound, however, is the strong showing by the Labour Party, which has advocated for closer ties between Britain and the European Union single market.

  • Zachary Reyes