Prime Minister Theresa May said Friday she will try to form a governing partnership with Northern Ireland's small party in the wake of an election setback that cost her Conservatives a majority in Parliament.
The pound hit an eight-week low against the dollar and its lowest levels in seven months versus the euro before recovering slightly after May said she would form a government backed by her "friends" in the DUP. However, given the utter disaster that was last night's election, May could possibly resign as the leader of the party, ushering in a new prime minister.
May now risks more opposition to her Brexit plans from inside and outside her party, though a party source said leading the Conservatives was seen as too much of a poisoned chalice for her to face an immediate challenge. According to the BBC, May's conservative party fell short of winning the 326 seats needed to maintain its parliamentary majority.
Unlike the alliance between the Tories and the Liberal Democrats in 2010, when the election also resulted in a hung Parliament, the new government will not be a formal coalition but one where the DUP supports the Tories with votes in Parliament. By the time Britain went to the polls on Thursday, Labour was expected to cut into the simple majority the Conservatives had previously enjoyed.
May called the snap election in the hope of increasing her majority and strengthening Britain's hand in exit talks with the European Union with a "strong and stable government".
The spectre of the decimation of the Labour Party was quickly shed away by the party under Corbyn, who announced one of the most radical election manifestos in recent history around the slogan 'For the many, not the few.' In contrast to Corbyn's hopeful campaign, the Conservative Party tried to sell fear, but their lead continued to fall.
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"The government I lead will put fairness and opportunity at the heart of everything I do, so that we will fulfill the promise of Brexit together", May said, adding that "what the country needs more than ever is certainty".
He said: "I am backing Theresa May".
A survey by long-standing Tory supporter Lord Michael Ashcroft on 8 June revealed huge numbers of people who voted Labour only made up their minds to do so in the last weeks and days beforehand.
"She's staying, for now", the source said.
But despite jubilation among Mr Corbyn's supporters at bloodying Mrs May' s nose, Labour MP Chris Leslie said the party should not pretend it achieved a "famous victory". As one teaching student at the University of London told VOA, "I think most of us here were against Brexit previous year". Labour won 261 seats.
"The success of the Labour Party winning more seats than expected was because they tapped into anxiety over public spending cuts since 2010, anxiety over the state of National Health Service, and also concerns with youth voters over the amount of student debt and access to United Kingdom housing - two big issues".