Britain speeds towards Brexit as Johnson wins large majority in election

Britain speeds towards Brexit as Johnson wins large majority in election

Boris Johnson is on a path to pass his Brexit deal.

Brexit represents the country's biggest political and economic gamble since World War Two, cutting the world's fifth largest economy adrift from the vast trading bloc and threatening the integrity of the United Kingdom.

After Johnson was re-elected in Uxbridge, west London, in which he increased his majority, he said: "It does look as though this One Nation Conservative government has been given a powerful new mandate to get Brexit done".

That would end immediate fears about the United Kingdom crashing out of the EU. After Jan. 31, Britain will enter a transition period during which it will negotiate a new relationship with the remaining 27 European Union states.

The Scottish National Party was predicted to win by a landslide in Scotland, taking 55 seats out of 59, while the Liberal Democrats were on track to return 13 MPs to Westminster.

The pound continued to rise against the USA dollar (GBPUSD=X) Friday morning after prime minister Boris Johnson's Conservative party won the 2019 general election.

Brexit, which has shattered old party loyalties and divided Britain along new fault lines, was the cause of the shift.

That message appears to have had strong appeal for Brexit-supporting voters, who turned away from Labour in the party's traditional heartlands and embraced Johnson's promise that the Conservatives would "get Brexit done".

"Just as Boris Johnson was desperately seeking his majority, this result would give the markets their ultimate wish: clarity", said Dean Turner, Economist at UBS Wealth Management.

Educated at Eton, the country's most elite private school, and known for his bombastic rhetoric, Johnson seemed to critics to be an unlikely candidate to win over working class communities, but Brexit helped him redraw the electoral map. So can a Tory or Labour victory really put an end to the drama?

Mr Corbyn will be under pressure to stand down if the polls are accurate, but he refused to answer questions about his future earlier in the week if Labour lost.

U.S. President Donald Trump was quick to congratulate Johnson. He was told he couldn't get a new Brexit deal.

"Every door I knocked on, and my team and I spoke to 11,000 people, mentioned Corbyn", he said. "With Johnson's victory Brexit has become inevitable".

Chastened by 3-1/2 years of political instability in Britain, investors seized on the expected Conservative landslide, believing it will enable Johnson to deliver Brexit on January 31.

Britain's departure will start a new phase of negotiations on future relations between Britain and the 27 remaining European Union members.

For many voters, the election offered an unpalatable choice. Many Investors hope a Conservative win would speed up the Brexit process and ease, at least in the short term, some of the uncertainty that has corroded business confidence since the 2016 vote.

"I think Labour have had a very hard position because the conservatives are very clear on Brexit".

The joint-leader of East Dunbartonshire council has said "it is on a knife edge" whether Liberal Dem leader Jo Swinson will lose her seat to the SNP.

Labour, led since 2015 by the veteran socialist Corbyn, had won just 203 seats, the party's worst result since 1935.

The signs of a surprise vote surge for the Tories put Mr Johnson on course for the party's biggest majority since the days of Margaret Thatcher.



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