UK Prime Minister Theresa May's future is looking uncertain after her election gamble appears to have backfired. The opposition Labour Party, led by Jeremy Corbyn, has performed far better than polls indicated and is likely to cost May her majority in the UK Parliament.
Update:
Theresa May had hoped that calling a snap election would give her stronger position to negotiate Brexit. But then the results started coming in...
Theresa May's in trouble: Instead of securing an increased majority, May's Conservative party has lost seats and, with them, its slender existing majority. Her party has suffered stunning losses while Jeremy Corbyn's opposition Labour has performed far better than expected.
Coalition of chaos? It's looking increasingly more likely is the prospect of a hung parliament -- which basically means no single party has a majority. In this instance, leaders will have to start thinking about forming coalition governments or reaching agreements with rival parties which, if history is anything to go by, could be a monumental headache.
Result = Brexit-lite? Without the majority she sought, Theresa May will now be unlikely to push through her vision of Brexit unopposed. Leaders in Brussels could be forgiven for thinking that Britain's strategy for handling its departure from the EU might be about to change a bit.
Pound still down: The pound fell sharply against the dollar after the shock exit poll announcement. It's now trading down about 1.6% as investors fret over the political uncertainty facing the UK.
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