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00:00:01
>> Counties underway across the UK in Britain's parliamentary election, and an exit poll suggests it could be a major shock on the cards for Theresa May, Britain's Prime Minister. I'm Reuters' Jacob Greese reporting for the ExCel accounts in East London where ballots are being tallied up. This exit poll needs to be taken with a pinch of salt, it has failed in the past to correctly predict election results.
00:00:23
But what it suggests will be a major shock for British politics, and a major shock for the ruling Conservative Party. British Prime Minister, Theresa May, called this snap election to strengthen her hand going into Brexit negotiations that strengthening looks in doubt. The exit poll at the moment is forecast that the Conservatives have 314 seats, that's a loss of 17 seats in total.
00:00:45
And it means that they will fail to get past the 326 seat threshold needed for an overall majority. It also shows a boost for opposition Labour Party and their Leader, Jeremy Corbyn. They're on 266 seats as an increase of 34 seats in total. And given how things are looking at the moment, how the smaller parties do could be increasingly important.
00:01:09
Scottish Nationalist Party, they, according to this exit poll, have 34 seats, that'll be a loss of over 20 seats. And Liberal Democrats have been put on 14 seats. We could be looking potentially at a hung Parliament potentially at coalition building. It's important to bear in mind the British Prime Minister, Theresa May, who called the snap election back in April dragging her party through their campaign will need to win by some margin, a simple win being the largest party won't really be enough.
00:01:39
She called this election to increase her majority, so a loss would be a failure. It also will have dramatic implications for the Brexit negotiations that are just around the corner. With the EU, we've already seen Sterling take a slight tumble on the news of this exit poll. With counts still coming in, the mathematics behind the exit poll does for now seem to be holding up.
00:02:03
There are plenty of seats still to be called that could change that.