Tick-tock: EU says time pressing hard to start Brexit talks

Others, too, called on UK Prime Minister Theresa May to hurry up and resolve the issue.

The Pound is looking under severe pressure with polls indicating that the Conservatives will lose their parliament majority, which looks like another example of traders being on the wrong side of the trade after heavily stacking their cards in favour of a landslide victory for Theresa May when pricing in the United Kingdom election.

"I have just been to see Her Majesty the Queen, and I will now form a government - a government that can provide certainty and lead Britain forward at this critical time for our country", she said.

"The UK is an extension of the Irish labour market in many ways. The date of the start of negotiations is uncertain now".

"The DUP [will be] using every ounce of leverage that they have to get the Westminster government to do things they want to do, in terms of the border", Bond said, pointing out that it is unclear from the DUP's manifesto exactly what type of border it wants with the Republic. The legislation would likely cover matters from immigration to labour rights to the rights of European Union citizens residing in the UK.

He urged the government to 'reconsider whether it's really good for Great Britain to withdraw from the European Union in this way'.

"Everybody is positioning themselves", said Anand Menon, professor of European politics and foreign affairs at Kings College London. Both main political parties have been guided in the past year primarily by concerns of domestic politics. It's hard to predict how they'll react, he says.

"The clock is ticking for Brexit".

European Council President Donald Tusk on Friday congratulated British Prime Minister Theresa May on her reappointment, underscoring that Brussels and London should press ahead with the Brexit talks.

European Commission president Jean-Claude Juncker said he hoped there would be no further delay to the negotiations.

"One year after their referendum, we still don't know the British position in the negotiations on Brexit and it seems hard to predict when we will, because democracy often requires time", she said. "Do your best to avoid a "no deal" as result of 'no negotiations'".

"Britain is a member of North Atlantic Treaty Organisation, so we have a lot of shared challenges to deal with, and that's the spirit we want to carry out these negotiations in". According to official results, the Conservative Party received 318 seats, the Labour Party came second with 262 seats, and the Scottish National Party is third with 35 seats.

May's reappointment and determination to soldier on without a clear majority has muted talk of a different ruling coalition taking power with a mission to seek a "softer" Brexit than May is pursuing, possibly seeking to remain in the single market.

"Theresa May arrogantly gambled with our Brexit and blew it", said a spokesman for the Leave.EU pro-Brexit campaign. But it is also deeply anxious that splitting from the European Union will mean a return to a hard border across Ireland that could create economic and even political problems.

"The likely narrowness of the majority will give an ability for any small grouping of Conservative MPs to potentially block legislation", JPMorgan said.

Arlene Foster, head of the DUP that now props up May's government, also wants a softer approach.

"The British have spoken, they have voted, and have given the Conservative party a majority, albeit a simple majority, which is something of a surprise", Prime Minister Edouard Philippe said on France's Europe 1 radio station.

  • Leroy Wright