Boris Johnson’s Conservative Party just won the U.K. general election today. The win will allow Johnson to fulfill his plan to deliver Brexit by January 31, 2020.
Johnson's Brexit divorce deal has been agreed to in principle by the U.K. Parliament but is yet to be fully ratified by lawmakers. It's likely that the bill will come back in front of MPs as early as next week.
The impasse and political chaos in the House of Commons ultimately led to Thursday's snap general election as Johnson lost the slim majority he held in the U.K.'s lower chamber of Parliament. The vote was the first to be held in the winter months since 1974 and the first December election since 1923.Analysts at Citi said the large majority would give Johnson the scope to shape Brexit in a softer or harder direction.
"The U.K. would gain freedom to deviate from EU regulation, negotiate its own trade relations and set its immigration rules. However, exiting the single market and customs union would see the re-imposition of non-tariff barriers, as well as lingering uncertainty in key areas such as financial services."
He believes that in the long term Brexit could damage the U.K. economy, but "for the next year or two this creates a lot of upside for the pound, for a lot of other British assets, British property, British domestic stocks."
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