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UK Prime Minister Theresa May says she won't resign after election

10 Juin 2017

The result - flagged by some analysts as the worst possible election outcome due to uncertainty - caused the pound to fall as much as 2.5 percent to $1.2635 in early European trade, its lowest level since May called the election on April 18.

"I obviously wanted a different result last night", a grim-faced May acknowledged, promising she would "reflect on what happened". Instead, Thursday's vote damaged her authority and made her negotiating position more vulnerable to criticism. May said outside Downing Street after returning from Buckingham Palace, where she received the Queen's permission to form a government, though the Conservatives lost at least 12 seats.

"I think it would be very, very hard indeed for her to stay on", political analyst Carole Walker told CNN.

A visibly shaken Theresa May apologised to her fellow Conservatives for a devastating electoral blow that has her on the back foot, forcing her into a loose governing alliance just 10 days before Brexit negotiations start.

How has the election panned out for the four main parties?

Despite the hung parliament result, the Conservatives remain the U.K.'s largest political party and May has said that she will stay on in power to lead the United Kingdom through Brexit talks - due to begin in just 10 days - although with a considerably weaker hand than she had just two months ago. Since the Conservatives would have the most seats, they'd get the first crack at forming a government.

With the smaller parties more closely aligned with Labour than with the Conservatives, the prospect of Corbyn becoming prime minister no longer seems fanciful. "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".

'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'.

She also stressed the importance of tighter regulation of the secondary market, "restoring the connection from audience to artist, to properly reward the creative talent on whose shoulders our entire business sits".

Conservative Member of Parliament Anna Soubry was the first in the party to disavow May in public, calling on the prime minister to "consider her position".

Speaking as she was re-elected MP for Maidenhead, Mrs May said: "At this time, more than anything else, this country needs a period of stability".

Parties now have to scramble to create a deal or coalition to form a government.

The Labour Party, which had been written off by critics as all but unelectable, surged to 261 seats, up 29 from its tally in the 2015 election. If the political stalemate continues, there is the very real possibility of another general election.

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With no clear victor emerging from Thursday's election, a wounded May signalled she would fight on.

Britain's Labour Party leader Jeremy Corbyn gestures as he arrives for the declaration at his constituency in London, Friday, June 9, 2017.

Comey on Thursday accused President Donald Trump of firing him to try to undermine the bureau's investigation of possible collusion between his 2016 presidential campaign team and Russian Federation, but did not say whether he thought the president sought to obstruct justice.

But that gamble did not paid off, as concerns about social programs and security issues replaced Brexit as the main talking points in the United Kingdom.

May now risks more opposition to her Brexit plans from inside and outside her party, though a party source said leading the Conservatives was seen as too much of a poisoned chalice for her to face an immediate challenge.

The most left wing Labour leader since Michael Foot was trounced by Margaret Thatcher in the 1983 election looked likely to get a similar thrashing in 2017.

It was far from the triumphant victory Theresa May had been expecting.

Despite Corbyn's call for her resignation, Mrs May will be reappointed prime minister and will seek to govern with support from Northern Ireland's Democratic Union Party.

Northern Ireland's SDLP lost all three seats, despite getting much the same share of the vote as in the last election. Without a majority, the government can not be assured of passing legislation and often has to rely on the support of other parties.

To keep within the timeframe, the European Union nations "need a draft agreement before end of October next year", to have enough time to push it through their own decision-making process.

It will work to keep our national safe and secure by delivering the change that I set out following the appalling attacks in Manchester and London. At that point, polls predicted she would massively increase the slim majority she had inherited from Cameron. "Since 24 June 2016 (the date of European Union referendum) Unfortunate". Nicola Sturgeon, leader of the SNP, said the results were "a disaster for Theresa May", the BBC reports.

May had spent the campaign denouncing Corbyn as the weak leader of a spendthrift party that would crash Britain's economy and flounder in Brexit talks, while she would provide "strong and stable leadership" to clinch a good deal for Britain. Despite May's insistence that the negotiations will proceed as planned, European officials are not convinced. "Will make already complex negotiations even more complicated".