News Worms
News Worms


Pound swings back into positive territory after snap election announced

Pound swings back into positive territory after snap election announced

According to the Daily Telegraph, an anonymous Westminster source said: "It's not going to happen".

There will be a Commons vote on the proposed election on Wednesday - opposition Labour Party has said it will vote with the government, reported BBC.

"Division in Westminster will risk our ability to make a success of Brexit", said May. The move will require a vote with a two-thirds majority of MPs supporting the measure.

"The Conservatives are now around 20 percentage points ahead of Labour in the opinion polls, so the election would very likely see an increased Tory majority, in turn increasing the likelihood of Brexit, according to Mrs May's plans", said Chris Hare, an economist with Investec in London. May became leader after her predecessor David Cameron's resignation in the wake of the vote for Brexit in 2016.

The Labour Leader Jeremy Corbyn has said that he welcomes an early election.

"I have just chaired a meeting of the Cabinet, where we agreed that the Government should call a general election, to be held on June 8".

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Corbyn, whose party is trailing May's Conservatives in opinion polls, said: "We look forward to showing how Labour will stand up for the people of Britain".

She explained that their approach to Brexit negotiations was "the right approach" and was "in the national interest" but other political parties continued to oppose it.

May, who commands only a slim majority in parliament's lower House of Commons, said that a new mandate would strengthen her hand in Brexit talks.

Her decision is a sharp reversal of policy - since taking over as Prime Minister, May had repeatedly ruled out an early election.

The pound swung back into positive territory after Prime Minister Theresa May announced a general election would take place on June 8.

Jonathan Oxley, the chairman of the Institute of Directors in Yorkshire, said the region's business community also wanted to find out how the parties' planned to develop the Northern Powerhouse and handle Brexit.

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In another twist, Downing Street's director of communications, Katie Perrior, quit: "Always said I wouldn't stay past an election".

Downing Street insisted that May did not want to call an early election in response to comments by former foreign secretary and Conservative Party leader William Hague, who urged her to scrap fixed-term parliaments to ease the waters when navigating Brexit.

"Our opponents believe because the government's majority is so small that our resolve will weaken and that they can force us to change".

"I'm happy to have an election here, of course we are never complacent, but I don't think there any worries here in Bromley and Chislehurst".

Theresa May today made the surprise announcement for a snap general election as Britain prepares for delicate negotiations on leaving the EU. But on Tuesday she said she had "reluctantly" changed her mind.

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