British Prime Minister Theresa May’s confidence in the Tories backfired in the UK #General Election as her Conservative Party lost its parliamentary majority to #Jeremy Corbyn’s Labour Party. In order to strengthen the Tory foothold, May called for an early election this year which was not due until 2020. Considered to be the second recent failed gamble by a Conservative PM, the year after David Cameron lost the Brexit referendum, the UK General Election results have brought the nation to a standstill. Former Conservative Treasury chief George Osborne called the outcome “completely catastrophic for the Conservatives and for Theresa May.”

Out of 650 seats in the UK parliament, the ruling Conservative Party needed 326 seats to win an overall majority to continue as Britain’s Prime Minister while the exit poll predicts that May will win not more than 314 seats.

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The left-leaning Labour Party led by socialist Jeremy Corbyn witnessed a 9.6 percent increase in its share of the vote. Labour is predicted to win 260 seats. The British parliamentary term for such an outcome is called a “hung parliament.” The hung parliament and impending political crisis, which has seen the pound plunge in trading, comes less than two weeks before Brexit negotiations are scheduled to begin.

What happens next?

With Conservatives losing the House of Commons majority, the Conservative Party will need to form a coalition with at least one other party or do deals to get laws through.

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The Labour party will also be seeking to forge alliances to reach a majority. There is a possibility that a progressive alliance may have as many seats as the Conservatives. Labour, the Liberal Democrats, Scottish and Welsh nationalists can come together to form a progressive alliance. The Conservatives can form an alliance with Northern Ireland’s right-of-center Democratic Unionist Party to form a majority.

Jeremy Corbyn urges Theresa May to quit

In an early-morning speech after winning reelection to his north London district, Jeremy Corbyn made a statement calling for Theresa May’s resignation. “The prime minister called the election because she wanted a mandate. Well, the mandate she’s got is lost Conservative seats, lost votes, lost support and lost confidence. I would have thought that is enough for her to go, actually.”

Labour party leader Corbyn also said, "politics has changed and it isn't going back into the box it was before," during his constituency victory speech.

A few minutes later, Theresa May delivered her own speech in which she said that Conservatives remain the largest party with majority votes saying, "it will be incumbent on us to ensure that we have that period of stability, and that is what we will do" as “the country needs a period of stability.” She made no comment on her own position in the wake of a politically devastating result for her leadership.

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Even if the Conservative Party has enough votes necessary to continue to govern, Theresa May might have to resign. Anna Soubry, a Tory member of Parliament remarked on the General Election outcome and Theresa May’s current standing in the Conservative Party:

“It was a dreadful campaign — and that’s me being generous. It’s bad. She’s in a very difficult place.” Nigel Farage also commented on the doubtful future of Theresa May as the Conservative leader.