Theresa May has failed to win the mandate for Hard Brexit on the 8th of June – UK election delivered Hung Parliament. Can UK still stay in EU?
14 June, AtoZForex – Following the shocking result of UK Snap election last week, Theresa May might face some obstacles for hard Brexit implementation. On the 8th of June, none of the parties got a majority of seats in Congress, thus the UK General Election resulted in Hung Parliament.
UK General election delivers hung parliament
In the UK election, the UK Prime Minister Theresa May has won 315 seats, where her main competitor, Labor party representative Jeremy Corbyn, won 261 seats. In order to win the elections, the candidate must win at least 326 seats.
Following this result, Theresa May has turned to the alternative to form a government with Northern Ireland’s Democratic Unionists. However, things are not that simple for Mrs. May. On Monday, two Tory prime ministers have demanded May to review her stance in relation to the Brexit process. David Cameron and John Major have expressed their willingness to urge May to cooperate with other political parties in relation to the formation of Brexit deal.
Meanwhile, the British Sterling has traded 2% lower against the greenback since the outcome of the UK election. CFI Markets’ research team has shared their latest GBPUSD analysis and insights, which investors can benefit from.
Conservatives urge May to reassess Hard Brexit deal
Theresa May has failed to win the mandate for hard Brexit, which implies leaving the EU single market altogether. Reportedly, earlier some of the EU countries have stated it is still possible for the UK to stay in the bloc. Mr. Cameron has commented:
“It’s going to be difficult, there’s no doubt about that, but perhaps an opportunity to consult more widely with the other parties on how best we can achieve it. I think there will be pressure for a softer Brexit.”
Mr. Major has stated that May should listen to Brexit opponents:
“A hard Brexit was not endorsed by the electorate.”
Today, the former Chancellor of the Exchequer Kenneth Clarke has supported the calls for the new Brexit approach. He stated:
“I don’t remember a political situation like it. The national interest calls for a cross-party approach.”
Can UK still stay in EU?
Theresa May has called for Snap election in order to strengthen her stance, so she can push for hard Brexit. However, she has failed to win the majority, where the UK election delivered Hung Parliament.
The latest comments from the two most senior Conservatives might encourage other Tory ministers to soften the Brexit deal. Some industry experts even considering the option that the UK might stay within the EU bloc eventually.
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