UK Prime Minister Theresa May nearly sank her own ship of state by calling for an election … and losing her party’s majority to the anti-Brexit Socialists. It is almost as if she summoned Zorp the Surveyor (the 28-foot-tall lizard-god from Parks and Recreation) by mistake.
(Bloomberg) – The pound tumbled as the U.K.’s ruling Conservative Party lost its parliamentary majority, plunging the country into uncertainty just days before Brexit negotiations were due to start. Crude advanced and the dollar strengthened.
Sterling dropped the most in five months as the election intended to strengthen Prime Minister Theresa May’s hand in negotiations with the European Union instead left her battling to survive. The currency’s retreat gave the British benchmark stock index a boost, but the election’s impact beyond the U.K. was muted. The euro extended losses to three days, and the Stoxx Europe 600 Index fluctuated. Fears of a supply glut continue to weigh on oil, but it managed to reverse an earlier decline.
The one day negative return on the UK Pound Sterling took the biggest hit.
The ant-Brexit forces (Socialist Jeremy Corbin) could put a serious dent in the hopes of the UK leaving the European Union. It may also mean that the Pound Sterling is dead and the UK could be adopting the tragic Euro as its currency.
Here is UK Socialist leader Jeremy Corbin holding his anti-Brexit, pro-Euro manual entitled “Organize it! 2: Engage with Zorp” while talking with UK Conservative leader Theresa May.
And here is Zorp the Surveyor, unwittingly summoned by UK Prime Minister Theresa May.