The Conservative Party led by Boris Johnson won a historic victory following the elections in England held on Dec. 12. The pro-Brexit Tories' opponent Labour Party suffered a heavy defeat by receiving only 32% of the votes. Like we mentioned in previous op-eds, we clearly saw the rise of pro-separatist right ideology in the U.K.
British newspapers note that following the elections, Boris Johnson has obtained full authority to leave the European Union on Jan. 31. Another crucial matter that came up after the election results is that the parties seeking full independence in Scotland and Ireland also strengthened themselves. We need to note that this situation, which puts the British economy in significant jeopardy, may result in a considerable global risk in the medium and long terms. The British government, which managed to carry on with the situation somehow, will need to act more carefully and with restraint.
While observing that the election results were welcomed with joy in the EU, a lack of statement on how the balance would be facilitated has negative connotations for the markets. While senior European politicians expressed that they welcomed the exit polls in Britain for putting an end to the uncertainty on Brexit, they highlighted that the possibility of the election results being approved by the House of Commons has been increasing and that there is a stronger government they can negotiate with now.
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