The British people, once more, have stuck up their fingers to the establishment, giving Theresa May a disastrous result, while Corbyn rises to new heights.
In the biggest turnout for 25 years, where students and the young gave Labour a resurgence, with long queues in many polling stations, the Conservatives find themselves with some of their ministers sacked by the people, while Labour has increased its seats, turning London fully red.
However, there is no clear verdict. The conservatives have lost their majority, down to 318 with 42% share of the vote. They will now seek to form a minority government, falling short of the required 326.
Labour stands at 261 seats, up 31, with 40% of the vote, and hope to form a minority government with the help of other progressive parties, Like the Liberal Democrats, who gained 12 seats with 7% of the vote, and SNP with 35 seats. Jeremy Corbyn stated:
“If there is a message from tonight’s results, it’s this: the prime minister called this election because she wanted a mandate. Well, the mandate she’s got is lost Conservative seats, lost votes, lost support and lost confidence.”
He called on her to resign, but she has refused to do so, seeking instead to govern with the help of DUP, Northern Ireland’s “bible belt” as one commentator called it.
Her authority, however, is deeply damaged. She wanted a mandate, instead she’s got what amounts to a rejection, making Brexit negotiations far more complicated, while her ability to govern is likely to be unstable, making autumn elections probable.
Cometh The Hour Cometh The Man
The star of the night is undoubtedly Jeremy Corbyn. He has invigorated a new generation which rushed to the polls in numbers never seen before for the 18-24 year old.
While there were may coup attempts within his own party, they have now apologized, as he delivers a shock election, for the second time in as many years.
His authority is now much more strengthened, with his voice becoming louder than even May’s, whether in government or opposition, as he leads what may be a peace movement, a soft Brexit, an end to austerity, quantitative easing for the people rather than banks, and a progressive alliance.
Just Labour and Liberal Democrats have gained 47% of the votes, compared to conservative’s 42%. Add the SNP and it is clear Corbyn represents the people far more than May.
The results, however, are inconclusive, which means uncertainty, with the likely outcome being conservatives as a minority government, which means they may fall at any moment due to being unable to push through their legislation.
That uncertainty instantly sent the pound down 2% as soon as the exit poll was released, with traders speculating other currencies, such as dollars or euros, may be safer bets.
Or digital currencies like Bitcoin and Ethereum. They both are up around 4% today, potentially aided by the pound’s fall and some flight to safety.
Stocks are up too as most of their income is overseas, but it may also be because access to the EU free market is now more likely, with passporting for companies and start-ups likely to be retained.