Originally posted to London Multimedia News on April 19th
The pound dropped 0.3% in value following the news that Prime Minister Theresa May would make an announcement on the steps of Downing Street, at 11:15 on Tuesday morning.
The drop came in anticipation of Mrs May calling a snap general election, a decision that would be supported by leader of the opposition, Jeremy Corbyn.
— Bloomberg (@business) April 18, 2017
However, due to the Fixed Term Parliaments Act, introduced by Mrs May’s predecessor David Cameron, the Prime Minister cannot call an early general election in this manner, but can introduce a vote in the House of Commons that would require a majority of two-thirds.
Emerging from Downing Street five minutes early, predictions were proved correct when Mrs May called for a general election for the 8th of June, a decision which will be put before the House of Commons on the 19th of April.
Mrs May promised that the Conservatives would help secure a “deep and successful partnership” with the European Union after Brexit, leaving Britain “free to chart its own way in the world.”
“We will regain control of our own money, laws and borders… This is the right approach and it is in the national interest.”
In the speech, Mrs May called on her opposition to prove they are interested in leadership and not the “division” she says has arisen in the Liberal Democrats, Labour, and the SNP.
“We need a general election and we need it now.”
— YouGov (@YouGov) April 20, 2017
Critics put forward that Mrs May’s calling of an election at this stage capitalises on the opposition, with Labour holding two leadership elections in the space of two years.
Labour leader Jeremy Corbyn, in a statement, said he “[welcomed]the Prime Minister’s decision to give the British people the chance to vote for a government that will put the interests of the majority first.”
Nicola Sturgeon, whose Scottish National Party claimed all but one seat in Scotland in 2015, sees Mrs May’s announcement as her seizing on the chance for a bigger majority in Parliament.
In terms of Scotland, this move is a huge political miscalculation by the Prime Minister.
It will once again give people the opportunity to reject the Tories’ narrow, divisive agenda, as well as reinforcing the democratic mandate which already exists for giving the people of Scotland a choice on their future.
This is your chance to change the direction of your country pic.twitter.com/wfj4wC7yn3
— Tim Farron (@timfarron) April 18, 2017
Leader of the Liberal Democrats, Tim Farron, was caught up in controversy on the day of the Prime Minister’s announcement when he appeared in a Channel 4 interview to not confirm whether he considered homosexuality a sin.