British Prime Minister Theresa May and Labour Party leader Jeremy Corbyn. If she can't put together a government, other parties get the chance to have a go.
If the final result shows no clear victor, that could put further pressure on the pound, says Samuel Tombs, analyst at Pantheon Macroeconomics.
With projections pointing to a final result of 316 seats for the Conservatives, compared to the 331 secured in 2015, speculation in the British media has mounted that May will either need to step down or face a leadership challenge if she is unable to form a government in the 650-seat chamber.
Among some of the heavyweight losses of the night include that of former Liberal Democrat leader Nick Clegg losing his Sheffield Hallam stronghold to the Labour party, while fellow party colleague Vince Cable - who had lost his seat in a shock result in 2015 - has regained his Twickenham seat with a solid majority of 9,762.
So there will be moves against her and Tory MPs could call on her to stand down.
Theresa May repeatedly urged voters to hand her a large majority so that she could go into talks in Brussels with the firm backing of the country and the House of Commons behind her.
May's Conservative Party was on course to win 322 seats, the BBC forecast, down from the 330 she held before calling the snap election seven weeks ago.
If the result is tight, or if the popular vote gives a different victor to the tally of seats, as much will depend on fixing a narrative in the early stages as straightforward math.
Crescent Point Energy Corporation (NYSE:CPG) Has Increase in Shorts
It is negative, as 29 investors sold Crescent Point Energy Corporation Ordinary Shares (Canada) shares while 52 reduced holdings. Kj Harrison Partners reported 4.7% of its portfolio in Crescent Point Energy Corporation Ordinary Shares (Canada) (NYSE:CPG).
Jeremy Corbyn at the Sobell Leisure Centre on June 9.
Where the center-right Conservatives had hoped to take seats from the main opposition Labour Party, the reverse happened. Brown remained in post for five days with an offer to talk to Cameron and the leader of the Liberal Democrats Nick Clegg. This time, the Lib Dems are more left-wing and are vociferously anti-Brexit, so are more likely to side with Labour.
"This election was a very big miscalculation", echoed Andrew Gamble, politics professor at the Universities of Cambridge and Sheffield, adding that May's authority would have weakened even with a Conservative majority outcome.
Without a clear alternative, the parties would be expected to hold discussions to establish whether any of them is able to form an administration capable of commanding the confidence of the House of Commons. The LibDems and SNP, who are both more anti-Brexit than Labour, would demand key concessions from Corbyn on European Union membership as conditions for power-sharing. If Nuneaton is taken by the Conservatives, that victory could be the first concrete indication of the Conservative party's victory, but there will still be a question as to how many of these seats they've claimed.
A make or break situation for May might be reached over the weekend. And, even though the poll showed Labour 48 seats behind the Conservatives and 60 short of a majority, Corbyn could end up as prime minister.
May experienced a gradual slide during the campaign period, in which a wide gap between the Conservatives and Labour narrowed. Then consider this: the former UKIP voters who have rallied to the Tories mainly want hard Brexit, but many Conservative MPs do not, including newly-elected (perhaps) Scottish Tories and, a group of possibly pivotal fellow travelers from Ulster.
Investors are balking at the prospect of another round of political turmoil less than a year after Britain voted to leave the European Union. But this is a scenario wished by nearly no one in Westminster.
Comments