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The Conservatives have won a majority under the leadership of now British Prime Minister Boris Johnson.
In victory, Johnson declared a “new dawn” in Britain, while noting that he had been given an overwhelming mandate to get Brexit done.
“A new dawn rises on a new day and on a new government,” Mr. Johnson told party supporters early Friday morning. “Getting Brexit done is now the irresistible, inarguable decision of the British people… We will get Brexit done on time, by the 31st of January, no ifs, no buts, no maybes.”
While votes continue to be counted in some races, Johnson’s Conservatives have won 364 seats giving them a majority of almost 80 seats in the House of Commons.
These are the best results for a winning party since 1987, while also being the worst showing for labour since 1935.
In response to the massive defeat, Jeremy Corbyn stated that he would not lead the party in the next election.
“This is obviously a very disappointing night for the Labour party with the result that we’ve got,” Mr. Corbyn said after winning his seat in north London. “I will discuss with our party to ensure there is a process now of reflection on this result and on the policies the party will take going forward.”
Following his announcement, reports have said a leadership race will be held early next year.
While Labour dropped, ensuring a steady Brexit, the SNP managed large gains winning 48 out of 59 seats in Scotland, setting the nation up for a second independence referendum.
Nicola Sturgeon the leader of the SNP stated in her speech that “Johnson has no mandate whatsoever to take Scotland out of the EU.”
In response to the election results, the pound rose by more than 2% on Thursday, sending the signal that markets now believe an exit from the EU is now guaranteed.
The jump placed the Pound Sterling at a 19-month high versus the dollar-its strongest levels against the euro since after the 2016 Brexit referendum.
British stocks also showed signs of increase with the benchmark FTSE 100 gaining 1.5% in early trade while the FTSE 250 index of midsize British companies added more than 4%.