Theresa May announces snap general election
Snap General Election Announced
Theresa May has announced today that she wants to hold a snap general election on 8th June 2017; as current poles suggest, the likely outcome of this election would consolidate the power of the Conservative Party. For an early election to be approved, a 2/3 majority will be required in Parliament when it is put to a vote.
Shortly after May's announcement, Jeremy Corbyn, leader of the Labour party announced that he agrees there should be an early election and that his party will vote in favour of it. This makes the possibility of an early election very likely.
The Conservatives see an opportunity to increase their seats in Parliament, which will allow them to push their polices through more easily in the future.
Theresa May will use this opportunity to put her personal stamp on the Conservative Party. If she is successful, a Conservative vote will increase their power, affirm their status as the Brexit Party, and move the UK that little bit more to the right.
Jeremy Corbyn has proven a controversial leader, and has plunged the Labour party into chaos. Some say it couldn’t be a worse time for them to square off against the Conservatives.
Labour will try to fight this election on anti-austerity rather than Brexit. Topics will be focused on the NHS, growing inequality and other more left-wing policies.
Jeremy Corbyn could be the overriding casualty of this election, if the results are catastrophically against his party. This result could make some of the speculation ring true, could he simply be unelectable?
Have announced they will be the voice of a soft Brexit (staying in the single market) or even a second referendum on the terms of Brexit. Tim Farron will try to gain votes through the huge remain camp.
Scottish National Party leader Nicola Sturgeon will also go along with the snap election. She believes that this will show that the British people are still not interested in the Tories north of the border. However, the overriding questions remains... how much longer will the Scottish call themselves British? Many will denounce the SNP's hypocrisy in this matter, given their recent declaration that now is not the time for second Scottish referendum, how can they possibly back a General Election?
The British Pound
Markets were unsure at the beginning of Theresa May's speech and firstly took a nose dive, but rose sharply again, as the purpose of her address became clear. It seems like the potential of a stronger Government is seen positively in the eyes of the markets.
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