An uncertain future awaits after surprise general election results

To the surprise of many, the general election that was held on 8 June 2017 resulted in a hung parliament. During the day of voting, bookmakers had suggested that the Conservatives were odds on to win the election by a majority and continue leading the people of the United Kingdom into the future. However, against the odds, Jeremy Corbyn and his Labour Party were able to gain 29 seats and have produced one of the biggest upsets in recent general election history.

Whilst the result was a surprise, the seriousness of an uncertain political future has already seen the value of the pound plummet. If you had decided to refrain from purchasing your foreign currency for your summer holiday until after the election – you are probably kicking yourself.

Understandably, Corbyn has called for May to resign and has stated his plan for the Labour Party to form a minority government.

Theresa May has confirmed her intention to put together a government with the Democratic Unionists Party (DUP) and has stated that the two parties “have enjoyed a strong relationship over many years”. May hopes that this newly proposed government of “certainty” will guide the United Kingdom through the pending Brexit negotiations. Having already triggered Article 50, May will be desperate to continue leading the UK’s departure from the European Union.

Until there is more clarification about how the hung parliament will be resolved, it is not possible to speculate about the election and its impact on the self-employed workforce. However, last year, May asked Mathew Taylor to produce a report to examine “how employment practices need to change in order to keep pace with modern business models”. If the Conservatives are to continue their regime, it is likely the findings of the Taylor Review will have an impact on the self-employed. As soon as more information is made available, Churchill Knight will make keep you up to date.

Some of the most notable results that have arisen from this election include:

• The Conservative Party ended the election with 318 seats, 13 less than in 2015.
• Labour were able to gain an extra 29 seats from 2015, ending with 261.
• The Scottish National Party (SNP) failed to grow from the 56 seats they gained in the 2015 election. In fact, the party lost over a third of these and only managed to win 35 (a loss of 21).
• UKIP’s leader Paul Nuttall has resigned, having failed to land a single seat in this election.
• Former Deputy Prime Minister and leader of the Liberal Democrats Nick Clegg has lost his seat that he has held since 2005. He commented – “you live by the sword and you die by the sword”.

Churchill Knight & Associates Ltd will continue to keep you up to date with political developments that affect the self-employed workforce. Please check our blog regularly for new posts.