Johnson’s Conservatives are set to enjoy their biggest majority since 1987 under Margaret Thatcher. The pound rose by the most in almost three years as the scale of the Tory victory became clear.
With all but one seat declared, the Conservatives had won 364 of the 650 seats in the House of Commons, a gain of 47, to Labour’s 203 seats, down 59. Jeremy Corbyn said he will step down after Labour’s worst result since World War II.
Corbyn’s future
Corbyn may remain as leader until April because Labour Party rules dictate a minimum 12-week leadership election. The timetable must be set by the National Executive Committee which isn’t meeting until January.
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