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May says she will form new British government

12 Juin 2017

The currency has been highly volatile in the last year, from $1.50 a year ago before the Brexit vote to below $1.18 briefly in October.

May, of course, put herself in this awful position by being a truly bad political operator who got her comeuppance when Labour came roaring up on her in the last weeks of the campaign, and then succeeded well enough in the election to force her to ally herself with the dog's breakfast party in Ulster.

Some senior Tories had made the removal of Hill and Timothy a condition for continuing to support May, who has vowed to remain prime minister.

When May called the election in April, she did so with the Conservatives riding high in the polls, and the pound had surged on expectations that a big majority for the Conservatives would allow her to face down the so-called euroskeptics in her parliamentary ranks.

She also apologised to colleagues who had "contributed so much to our country" and "didn't deserve to lose their seats".

Now her nascent government depends on a tenuous alliance with the Democratic Unionist Party, or DUP, which consist of barely reformed sectarian lunatics in Northern Ireland.

The results of the general election are being seen as a Brexit mandate, with most of the constituencies against Brexit turning out to vote against the Tories and for Labour, which has a softer stance on the issue, and other anti-Brexit parties.

"Now let's get to work", she said before entering No. 10 Downing Street.

May is seeking a deal with a Northern Irish party to prop up the Conservative minority administration, and lawmakers said the rebuff from voters meant the government will have to abandon planned policies and re-think its strategy for European Union exit talks. "The party that has lost in this election is the Conservative Party".

Current projections give the DUP 10 seats in the House of Commons and the Conservatives 319, enough to form a working majority.

A disorderly Brexit with no deal would spook financial markets, tarnish London's reputation as one of the world's top two financial centres and sow chaos through the economies of Britain and the European Union by dislocating trading relationships.

Earlier, EU Economic and Financial Affairs Commissioner Pierre Moscovici said the result would have an impact on the "spirit" of the Brexit negotiations due to start later this month. Earlier, Downing Street had said a preliminary agreement had already been secured.

"Instead of peace we have confrontation by other means", he said.

Critics of the DUP say the party should be avoided for opposing the introduction of same-sex marriage in Northern Ireland as well as opposing moves to reverse climate change and their controversial views on abortion.

Mark Dampier, head of investment research at Hargreaves Lansdown, says: "I see no need to make any rash investment decisions, given the range of possible outcomes over the next few weeks. I'll fight tooth and nail to keep her in place".

"The DUP will always strive for the best deal for Northern Ireland and its people", she said. People who don't have a home would get the care for free, but anyone with assets over $130k was told they would be clobbered.

Northern Ireland First Minister and leader of the Democratic Unionist Party Arlene Foster arrives to make a statement at Parliament Buildings in Stormont in Belfast, Northern Ireland, January 16, 2017.

Labour appears to have benefited from the collapse in support for the UK Independence Party (Ukip), whose leader Paul Nuttall has now resigned, picking up nearly as many votes from its former voters as the Conservatives.

The new arithmetic of the House of Commons will also makes Brexit negotiations more hard.

Former chancellor George Osborne, sacked from the Cabinet by Mrs May and now editor of the Evening Standard, told ITV: "Clearly if she's got a worse result than two years ago and is nearly unable to form a government then she I doubt will survive in the long term as Conservative party leader".

May says she will form new British government