What The Election And Theresa May's Deal Mean For The UK
- Author: Leroy Wright Jun 10, 2017,
Jun 10, 2017, 20:42
UK Labour Party leader Jeremy Corbyn. But the election result meant it was unclear whether her plan to take Britain out of the bloc's single market and customs union could still be pursued.British politicians, including within May's own party, differ widely on what they want from the Brexit negotiating process.If she is to succeed in delivering the end of Britain's EU membership which 52 percent of the British public demanded a year ago, she must find a way to recapture the full support of her party because she will need their votes to pass legislation preparing for and ultimately enacting the departure.
Government sources also told The Independent Ms May's need to win the unionists' support to govern could cause her problems in Westminster, as it may commit her to spending on public services in Ulster that she cannot replicate elsewhere.
After visiting Buckingham Palace to seek permission from the Queen to form a government, Mrs May said that the arrangement would "provide certainty".
That was also the broadly desired outcome in Brussels, where leaders believed that a stronger May would be better able to cut compromise deals with the European Union and resist pressure from hardline pro-Brexit factions in her party to walk out without a deal.
Anthony Willis, investment manager in the BMO Global Asset Management multi-manager team, pointed out markets have had a strong year so far and therefore a period of consolidation is to be expected at some point.
May, 60, said the two parties have enjoyed a strong relationship over many years, and she believes that they will be able to work together in the interest of the country.
Brexit is a key challenge for the nuclear sector and resolving the Euratom issue should be an immediate priority for incoming ministers, said the Nuclear Industries Association (NIA).
One DUP lawmaker suggested support for May could come vote by vote, making the job of governing fraught with risk.
British politicians differ widely on what they want from the Brexit negotiating process, seeing it as a way to shift Britain either to the right or left.
After winning his own seat in north London, Corbyn said May's attempt to win a bigger mandate had backfired.
Having called an early election in hopes of getting an increased majority that could have strengthened her hand in Britain's exit talks with the EU, May instead saw her majority evaporate completely - leaving her fortunes hanging by a thread and dark clouds over the Brexit negotiations just 10 days before they are due to start. "Tech entrepreneurs will be dismayed by an election result that only delivers further market uncertainty and doubt", he said.
Steven Fielding, a professor of politics at the University of Nottingham, said Britain had seen an election "in which the personal authority of a party leader has disappeared in an unprecedented way".
"Do your best to avoid a "no deal" as a result of "no negotiations".
"I certainly think that there will be contact made over the weekend, but I think it's too soon to talk about what we're going to do", DUP leader Arlene Foster said, speaking to BBC Radio Ulster. "With a weak negotiating partner, there's a danger the negotiations will turn out badly".
But there was little sympathy from some other Europeans.
Trump offered his warm support to May over the just- concluded parliamentary election, it said.
May's predecessor David Cameron sought to silence euroskeptic fellow Conservatives by calling the referendum on European Union membership. But now, after losing her majority, the Conservative Party's embarrassing showing has catapulted British politics into the unknown.
The election results follow a campaign that many entrepreneurs say failed to address their concerns. Other Conservatives have emphasised the importance of migration controls, something the European Union says is incompatible with open trade.
As it stands, the Conservatives have lost 12 seats whilst Labour have gained 29 seats to return 261 MPs to parliament.
A visibly exhausted May said she obviously "wanted a different result" in Thursday's vote but and that she is "sorry for all those colleagues who lost their seats who didn't deserve to lose". "I would have thought that's enough to go, actually, and make way for a government that will be truly representative of all of the people of this country".
In a note to clients, UBS wrote that a breakdown in talks was now more likely and would make it harder to reach a trade deal: "A tighter political balance could make it easier for Eurosceptics.to prevent the government from offering the compromises needed to secure a trade deal".
But until a government emerges in London, it is unclear how the talks can start.