PM May is in search of “a way out” of political mess
U.K. Prime Minister Theresa May’s political gamble to increase her power and strengthen her hand during the Brexit negotiations have left a political mess behind. Assuming that she relied on early elections polls that indicated a landslide victory in April, he pursued her biggest U-turn by calling early elections in June. For many, the result must have been surprising, however it was not such a shock for the media following the leaders during the election campaign.
It was obvious that Labour Party leader Jeremy Corbyn was increasing his popularity among people who were feeling left behind during the last seven years of Conservative rule. Furthermore, the Conservative manifesto was weak and far from rational suggesting a dementia tax to force people to pay for their care if they have assets above £100,000 and scrapping free school lunches.
Within the manifesto, there was nothing new to appeal to young voters who are already disappointed with the decision of leaving the EU. According to various political analysts, young voters have largely supported the opposition Labour Party.
The ruling Conservative Party could only secure 318 seats, losing 13, below the threshold of a majority of 326. However, despite the criticisms, May is now looking for opportunities to form a coalition with Democratic Unionist Party (DUP) known for their controversial policies. DUP currently holds 10 parliamentary seats and a coalition with DUP could well secure May’s seat for a few more months.
However, there is already rising tide against her within her party. Former Chancellor George Osborne has called Theresa May “a dead woman walking” and suggested that the prime minister is forced to resign imminently. The former chancellor said he did not expect backing for the prime minister for much longer. “I think we will know very shortly. We could easily get to the middle of next week and it all collapses for her,” he said according to The Guardian.
Following the election, business concerns are on the rise as the government’s hand has weakened from last week’s election results. According to a survey by the Institute of Directors published on Monday, nearly 700 members of this business group expressed deep concern over the political uncertainty and its impact on Britain's economy. International credit rating agencies are also closely monitoring the developments in the U.K.
“In our view, the lack of a majority for any party is likely to delay Brexit negotiations, scheduled to start very soon,” said S&P in a statement, adding it does not “exclude the possibility of another snap election.” Moody’s leading U.K. sovereign analyst Kathrin Muehlbronner also said, “We now expect the government to effectively put its earlier fiscal consolidation plans on hold. The election outcome, with strong gains for the Labour Party campaigning on increased public spending and risks to the quality of public services under the government’s plans, will likely be seen as a ‘vote against austerity.’”
