Theresa May Calls For Snap UK General Election To Get Brexit Support

Tyler Durden's picture

After a kneejerk move lower on headlines regarding a statement, Cable is surging now that UK PM May has surprised the nation with a snap election on June 8th, since Conservatives could enhance their parliamentary majority given the vast lead they currently hold in polls; meanwhile cable is surging as uncertainty over Brexit negotiations wanes.

GBPUSD is at its highest since early Feb on the news - breaking aboive its 200-day moving average for the first time since Brexit.

 

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As we detailed earlier, in a stunning development, Theresa May announced she would seek an early general election for Britain on June 8 to obtain a direct mandate to take the country through the Brexit divorce with the EU. The decision, which comes just three weeks after the prime minister began the formal Brexit process, has shocked British politicians as they returned from their Easter break.

That said, the announcement has come as two polls over the weekend put the Conservatives 21 points ahead of Labour, a lead that is likely to greatly increase its existing working Commons majority of 17, which hardly means a major shock for the general direction the UK is heading.

As Bloomberg notes, May will hope that the election will strengthen her hand when it comes to negotiating Britain's withdrawal from the European Union. However, in Brussels and across the EU, it is likely to be seen as merely adding to the unpredictability of relations with the U.K. Since June's referendum

May had previously said categorically that the next general election would be held as scheduled in 2020, and many Conservative backbenchers had shown little enthusiasm for a vote. “It isn’t going to happen. There is not going to be a general election,” her spokesman said on March 20.

As the FT notes, the prime minister is understood to have changed her mind after taking advice from senior figures including Sir Lynton Crosby, mastermind of the 2015 election campaign. Two polls over the Easter weekend put the Conservatives 21 points ahead of Labour, a lead that is likely to greatly increase its existing working Commons majority of 17.

Holding an election gives Mrs May an opportunity to win a direct mandate for the first time to be prime minister. She took power last July without a public vote, after David Cameron resigned and her remaining rival in the Conservative leadership contest, Andrea Leadsom, pulled out of the race. If Mrs May had remained in power without a vote until 2020, it would have been the longest a prime minister had served without an election since Winston Churchill during the second world war.

 

The Tories’ existing majority would have made it harder for the government to push through its Repeal Bill, which transfers EU legislation into the statute book, without significant amendments. William Hague, the former Conservative leader, was among those to have called for an early poll in an attempt to win a larger majority.

A general election will allow Mrs May may to ditch the 2015 Tory manifesto, and campaign on her own policies — including the opening of new grammar schools, which have been opposed by Tory moderates. Key policies from the Cameron era, including a commitment to spend 0.7 per cent of gross national product on international development, might also be changed.

Neil Jones, Mizuho Bank's head of FX sales for financial institutions, one of the first sellsiders to respond, says that an election in two months may not be bad for the pound with May likely to win.

"My guess is, she's calling for an election now rather than later as if she goes later, she's very likely to achieve less votes."

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Watch her announcement live on Sky News:

 

* * *

Earlier

Having risen as high as 1.26, cable tumbled earlier today following news that U.K. Prime Minister Theresa May was scheduled to make an unexpected announcement.  The currency erased an earlier gain versus the dollar, falling nearly 100 pips, down 0.3% from the highest level in three weeks.

While the contents of the announcement are for now unclear, the BBC's top political commentator reports that May could announce a general election on June 8:

  • MAY COULD ANNOUNCE GENERAL ELECTION FOR JUNE 8TH: BBC

Specifically, BBC’s Laura Kuenssberg says in Twitter post that Theresa May could announce a General Election for June 8th,  citing one unidentified person familiar, although she stresses source “not confirmed”

“There is heightened speculation that there could be a snap election in the U.K.,” said Jane Foley, a senior currency strategist at Rabobank International in London quoted by Bloomberg. The pound’s fall was due to “purely uncertainty at this stage. Financial markets don’t like uncertainty and an election does raise the risk that she may not win and there may be another bout of relative chaos in the U.K.”

If so, expect even more political fireworks out of Europe, potentially leading to a much stronger sterling, on speculation that the entire Brexit process may soon be undone.

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UnpatrioticHoarder's picture

Wha???? the Tories have a majority and Brexit is a done deal... why whould May call an election?

Haus-Targaryen's picture

Because May doesn't want to be in charge when this thing melts down. 

JRobby's picture

Double Cross

Cave in

Globalists clawing back

JohninMK's picture

This is an excellent move by May and only the timing of it was really in doubt following the games in the House of Lords and the High Court last year.

It will achieve several objectives:

- confirm May in her own right as PM, rather than just a shoe-in as Conservative Party CP leader

- hit a totally disorganised and demoralised opposition

- boost the fortunes of the CP, they felt good when Cameron won last time, this time they will be over the moon

- gain a crushing majority

- move her majority in the Commons from a very hard work to get legislation through to a much more manageable level

- cement in place the Brexit move, effectively ramming it down the throats of Brussels, the Lords, the Courts and the BBC

- kill off the Remain argument for good, stopping all the petty bickering now going on

- reinforce our negotiating position with the EU

- potentially hit the ScotNat vote if the Scots use it as an in/out of UK vote (they may as well, their MPs don't seem to do much for Scotland in Westminster) and vote as they did before on the subject.

All in all its a huge relief seeing it come down the tracks. Love it!

DelusionsCrowded's picture

Interesting point . Maybe this is a way of giving May a big Majority . So we perfidious Albion declares war on Russia , the sheeple will have to swallow their death warrents .

PrayingMantis's picture

 

... meanwhile, while Teresa May shocked British politicians as they returned from their Easter break, the shell-shocked survivors and victims of the Syrian evacuees bus massacre gets back-page treatment from the lamestream media or no coverage at all.

 

... >>> "Busted: Idlib Gas Attack Fakers Murder 68 Kids in Bus Slaughter - Monsters and Child Killers and the sick games they play"

... report says ... "(fake photo) Abd Alkader Habak rushes a wounded boy to an ambulance after a bomb attack Saturday in Syria.   Photographer Abd Alkader Habak calls himself an “anti-Assad” activist.  He works in areas controlled by al Qaeda and turns out “fake news” photographs of Russian bombing victims and other minor holocausts staged for western audiences. 

This is false flag terrorism at is sickest.  He works closely with a CNN producer named Waffa Munayyer, who we know to be an officer in Israeli  intelligence.   The children on who were killed with their families were fleeing those Habak works for.  His people killed them.  He was there to be part of it.  As Jim W. Dean so often says, “You just can’t make this stuff up.”  Habak and his friends had been shelling these kids and their families since 2014, had cut off their food supplies and water, had made their lives a misery because they continued to hold out against terrorist rule.

CNN misses this part of the story, we don’t.

We see him in the photograph above running with a child, identified in the CNN article below as a dead child.  Problem is, Habak works for the people who killed the child, he is a paid propagandist for Jabat al Nusra that blew up the bus.  He was brought there with the bombers themselves who couldn’t resist one last terror outrage, this time dragging one of the bodies of their victims out of the wreckage and defiling it for propaganda purposes, something done all the time in Syria.

You see, we know Habak very well, we have followed his work and that of his network of friends, some Israeli trained, others paid by Qatar/al Jazeera, some paid by MI6 and the CIA, that being the White Helmets.

Every bomb that hits an al Qaeda command center is depicted by Habak to hit a school or orphanage.  We have confirmations that, in order to get needed photographs, al Qaeda will butcher locals and throw their bodies around and we also have confirmations that this is done with full cooperation of the photographers who work safely in their region.  Any real independent journalist who got near al Qaeda would be beheaded instantly, let’s be clear about that.  Those that work with them are al Qaeda."

read more here >>> http://www.veteranstoday.com/2017/04/17/busted-idlib-gas-attack-fakers-murder-68-kids-in-bus-slaughter/

 

Pinto Currency's picture

The Brits are going to be furious.

Donald Trump's picture
Donald Trump (not verified) Pinto Currency Apr 18, 2017 10:03 AM

At least now they have a chance to put Nigel's party in the works. All talk and no play makes Nigel a dull boy.

And take some advantage of that high pound and do some exports. To EU preferably, just to ruin them faster.

British Pound hits 10 Week High as May Calls for Snap Election

http://dailywesterner.com/news/2017-04-18/british-pound-hits-10-week-hig...


JRobby's picture

Well, when you put it that way..........

"this time they will be over the moon" then you find out what is on the other side..........

spastic_colon's picture

".....since Conservatives could enhance their parliamentary majority given the vast lead they currently hold in polls;....."

this statement says it all.

DelusionsCrowded's picture

The Labour Party LEADER opposition is  demoralized because the Shadow Gov and AGENTS within the Labour Party (and the useful or greedy idiots ; alway lots of them) have been attacking Corben and hist supporters relentlessly for 5 years . The Sheeple read the relentless MSM propaganda and without long deep knowledge they eventually succumb to all the nasty pictures and lies.

The sheeple are going to wake in a nightmare , sucker punched as they then get conscripted and culled .

logicalman's picture

A Conservative Party with a large majority does not bode well for the people of UK.

Here comes more 'austerity' aka fucking over Joe Bloggs.

Here comes more surveillance.

Here comes more military intervention......

It's a long list.

 

VZ58's picture

Yeah sure. Blah, blah, blah. Versus the daily Sharia creep of the Left and the retarded policies that whittle away at traditonal UK culture and society. Such BS from you nanny state socialists seeking to destroy what is left of the West.

logicalman's picture

I guess you are OK with having everything you do watched 24/7 and giving your hard earned to the elites.

Is an anarchist considered a 'lefty' these days?

Blah, blah fall for the divide and conquer techniques?

Traditional (fill in the blanks) culture?

Yet again the .01% used their techniques on you - you went hook, line & sinker.

logicalman's picture

An excellent, reasoned response!

Thank you for taking the time to think carefully before replying.

 

sidfalco's picture

I did. Go and read HuffPo or the Guardian, you ponce.

logicalman's picture

You did what?

Sure wasn't thinking carefully based on yet another imbecillic response.

I guess you have room temperature IQ, looking at the evidence.

You likely have to drop your pants to count to 21!

 

 

Ghordius's picture

"reinforce our negotiating position with the EU"

you want to reinforce the UK's negotiating position with the EU? that's easy, actually

stop the lies. then refrain from that "hooligan stance", like your "ramming it down the throats of Brussels, the Lords, the Courts and the BBC", or at least keep it domestic

really, it is that easy. popular majority opinions of Brexit on the continent are a huge "meh". but those Brexit Lies, and that thing with confrontational political stances instead of collaborative ones are a huge... disappointment

really, it is that easy. you want to leave the club? fine. while you make up your mind what you want to keep visiting, could you please stop behaving like an entitled while rabid teenager? (http://brexitlies.com)

sidfalco's picture

go and blow an Imam down Brussels way.

max-kisser's picture

Come on now - lets not be naive. We all know what happened with the poll results of Brexit/Trump. 21% ahead - really?

3LockBox's picture

They must have all their rigging in place now...

Call an election! LOL

Hey Theresa...Wasn't that what the first vote was for idiot?!!!!!!!!!!

c2nnib2l's picture

@Haus-Targaryen you are 100% right :/ she was never made for that job anyway. 2 years ago she was strong EU supporter. She took that job because it was available 

VinceFostersGhost's picture

 

 

has shocked British politicians as they returned from their Easter break.

 

Heh heh........good!

JRobby's picture

"has shocked British politicians as they returned from their Easter weekend of buggering of child sex slaves"

Sandmann's picture

Margaret Thatcher campaigned in 1975 to stay in EU and passed more EU legislation than any other PM. She integrated the UK so far into the EU that it requires major Commons time to undo what she did

GreatUncle's picture

But that action and now the need to leave also revealed that no future parliament can be bound just like Obama trying to bind Trump with legislation before leaving office.

Now please oh please tell me "why the fuck we standing around trying to negotiate over this leaving bullshit?".

We were quite within sovereign rights to tear up all the EU legislation period and walk because the punishment the undemocratic EU is going to unleash on the UK is exactly the same as if you were in at the end anyway.

 

Sandmann's picture

You clearly have no idea how laws work. If you tear up legislation the country would collapse as every contract since 1973 is tied into EU regulations and law. You would end up with all commercial contracts, patent law, medicines regulation, VAT regulation, environmental legislation, health legislation etc invalid

perkunas's picture

Its amazing that they could survive all that, for like 500 years.

VZ58's picture

Ah I call BS on that. Last time I looked the UK was a sovereign nation and if they want to make changes to any laws they can. Oh, but EU contracts will need to be renegotiated. So what? That is the whole point of Brexit. Hardly impending societal collapse. It's BS like this that the EU apologists try to scare people with.

crazytechnician's picture

Bullshit. She wanted to stay in the EEC , the European Economic Community , huge difference to the EUSSR which has morphed into a highly unstable centralized political union with zero accountability.

Sandmann's picture

You should read up on the Single European Act 1986

The main developments of the early Treaties are related to the creation of the Community’s own resources, the reinforcement of the budgetary powers of Parliament, the election by direct universal vote and the setting-up of the European Monetary System. The entry into force of the Single European Act in 1986, substantially altering the Treaty of Rome, reinforced the idea of integration by creating a large internal market.

A.Extension of the Union’s powers 1.Through the creation of a large internal market

A fully operational internal market was to be completed by 1 January 1993, taking up and broadening the objective of the common market introduced in 1958 (3.1.1).

2.Through the establishment of new powers in B.Improvement in the decision-making capacity of the Council of Ministers

Qualified majority voting replaced unanimity in four of the Community’s existing responsibilities (amendment of the common customs tariff, freedom to provide services, the free movement of capital and the common sea and air transport policy). Qualified majority voting was also introduced for several new responsibilities, such as the internal market, social policy, economic and social cohesion, research and technological development, and environmental policy. Finally, qualified majority voting was the subject of an amendment to the Council’s internal rules of procedure, so as to comply with a previous Presidency declaration that in future a vote may be called in the Council not only on the initiative of its President, but also at the request of the Commission or a Member State if a simple majority of the Council’s members are in favour.

C.Growth of the role of the European Parliament

Parliament’s powers were strengthened by:

JRobby's picture

Short version: WE RULE YOU !!!!!!

"Don't you step out of line! Don't you fucking lie"

(Maynard)

VZ58's picture

Ah more BS. The EU was a vastly diffferent piece of work back then. Hardly comparable to today's  mammoth behemoth of bureaucratic waste and self serving bloating mismanagement. Who are you kidding? It was subsequent governments that tied themselves to the EU in every way possible destroying any vestige of UK sovereignty. Thatcher as a die hard EUrophile. What a lark.

sinbad2's picture

What politician ever willingly gives up power?

This will ensure she is in power until 2022.

BorisTheBlade's picture

Yup. She will likely consolidate more power to push Brexit through and ride this wave into next cycle. Corbyn is toast btw.

philipat's picture

It's really quite simple. WIth the Communist Corbyn "leading" the Libtard left, she will get a very substantially increased majority and her own new mandate. That's what politicians do.....

BarkingCat's picture

If Brits were smart her party would lose seat as would Libour with UKIP picking them up and becoming majority.

If they were smart...but one look at who's the mayor of London ....

Relentless's picture

She secures her personal power as leader.

She secures a larger majority, lowering the effectiveness of any rebels.

Brexit happens and there are still two to three years after before the next general election is due, which gives her time after Brexit to prepare for it. Including campaign in any Scottish referendum.

ChanceIs's picture

George Washington gave up power.  

We should all get down on our knees for providing an example of manhood and integrity.

What's that???  He owoned slaves and is a dead white European male!?!?!?!

Better take his name off of everything and forget the overwhelming good he did this country and the world.

Sandmann's picture

George Washington was never elected

JRobby's picture

He was under the laws in place at the time.

Sandmann's picture

Do you really need a syringe to quieten you down ?

VZ58's picture

Difficult to do with he amount of nonsense you come up with.

GreatUncle's picture

Yep but ... lol what fucking good is law if it can be broken?

https://en.wikipedia.org/wiki/Next_United_Kingdom_general_election - 5 year terms people.

Only one way to legally break legislation a vote in the houses of parliament to remove 5 year terms.

Now as far as I can see it you are not allowed to have an election within the 5 years unless !!!! YOU HAVE A VOTE BY PARLIAMENT TO BREAK THE LEGISLATION.

Other than that it is not legal, that is the only way and fuck what the government wants.

Yep to the going down too ...

Oh and do add a 5 year parliamentary term broke the constitution because it actually binds future parliaments.

Sandmann's picture

How is Parliament "breaking the law" if it repeals it ?

Sandmann's picture

How is Parliament "breaking the law" if it repeals it ?

The Onion Of Twickenham's picture

Provided there is a 2/3 majority in Parliament, there can be a general election at any time. The Labour Party has indicated that it will vote in favour of an early election. The Conservatives plus Labour can comfortably carry this through. This is the very definition of turkeys voting for Christmas but it would look weak on their part to vote against having the election as they would look (as Margaret Thatcher so famously said) "frit".

Sandmann's picture

Unclear if you know anything about UK politics. May will emerge with a 200 seat majority and the biggest landslide since Blair in 1997 and bigger than anything achieved by Thatcher.

The House of Lords will not dare obstruct especially if she puts the 1911 Parliament Act "Preface" into the Manifesto with a pledge to have it elected or abolished