British Pound Falls on U. K. Election Projected Results -<br />By PRASHANT S. RAOJUNE 8, 2017<br />LONDON — The British pound fell sharply late on Thursday, hit hard by an exit poll showing<br />that Britain’s incumbent Conservative Party had unexpectedly lost its majority in Thursday’s election.<br />“Once again, it seems as if the British public has decided to surprise everyone.”<br />The outcome — if the exit poll results are confirmed — follow a referendum a year ago in which Britain voted to withdraw from the European Union.<br />“The exit poll has certainly produced a shock wave in markets, with disbelief<br />and then a swift drop in the pound,” said Chris Beauchamp, chief market analyst at IG Markets.<br />The exit poll showed that the Conservatives, led by Prime Minister Theresa May, would<br />remain the largest party in Parliament but had failed to retain an overall majority.<br />The publication of the exit poll at 10 p.m. local time, however, sent the British<br />currency sharply lower, and it fell as much as 1.7 percent to $1.2739.<br />Analysts warned in the run-up to the election that the pound would be particularly hit by such uncertainty, but polling during the campaign had suggested<br />that Conservatives would retain a majority in Parliament.
