Boris Johnson's Conservative Party set for biggest election win since 1987: Johnson said earlier it seems his "Conservative government has been given a powerful new mandate, to get Brexit done."
U.K. Prime Minister Boris Johnson will retain power with a thumping majority after his Conservative Party secured its best election result since 1987.
With nearly all of the votes counted, the Conservatives were set to secure 364 parliamentary seats, a majority of 78 in the House of Commons. The result, which proved even more decisive than pollsters had forecast, follows a bitterly-fought and divisive election campaign.
At victory celebrations in central London, Johnson told an audience that the country will now leave the EU on January 31.
“We will get Brexit done on time by the 31st of January, no ifs, no buts, no maybes,” he said.
The FTSE 100 rose by nearly 1% early on Friday morning, while sterling jumped 2% against the U.S. dollar after an early exit poll projected the decisive victory for the Conservatives. Yields on the U.K. benchmark 10-year bonds rose 7 basis points in early trade and reached their highest level since early June at 0.895%.
Earlier, Jeremy Corbyn announced he will not be leading the U.K.’s opposition Labour party in future elections, following what he called a “disappointing night.”
Speaking on ITV on Friday, Corbyn said Labour will go through a reflection process and that he will lead the party during this period. However, he confirmed that he will not be leading the opposition party in any future election.
WATCH NOW
VIDEO04:06
How the UK general election could shake markets
“This is obviously a very disappointing night for the Labour Party with the result that we’ve got,” Corbyn said.
The result of the election is expected to have a decisive effect on the direction that Brexit takes, three-and-a-half years since the U.K.’s referendum on EU membership.
Liberal Democratic leader Jo Swinson lost her seat to the Scottish National Party. She had campaigned to overturn the 2016 Brexit vote.
Johnson’s Brexit divorce deal has been agreed to in principle by the U.K. Parliament but is yet to be fully ratified by lawmakers. There have been deep divisions over the deal on offer and how close the U.K. should stay aligned to the EU after its departure from the bloc. The future of the border between the Republic of Ireland and Northern Ireland has also been a major sticking point.
The impasse and political chaos in the House of Commons ultimately led to Thursday’s snap general election as Johnson lost the slim majority he held in the U.K.’s lower chamber of Parliament. The vote is the first to be held in the winter months since 1974 and the first December election since 1923.
Scotland’s First Minister Nicola Sturgeon said Johnson has no mandate to take Scotland out of the European Union and demanded that they must be allowed to hold a fresh independence vote on its place in the United Kingdom.
