The outcome of the United Kingdom’s recent general election exit polls indicates a significant shift in power from the Conservatives to the Labour Party after a 14-year Conservative reign.
Based on a BBC exit poll released on July 4, Labour is projected to secure 410 seats in Parliament, solidifying its position as the ruling party in the UK. The poll forecasts Labour leader Keir Starmer’s ascension to the role of Prime Minister, displacing Rishi Sunak, who has held the position since October 2022. The Conservatives are expected to retain approximately 131 seats.
Source:
BBC
The BBC poll drew data from voters at around 130 polling stations across England, Scotland, and Wales, excluding Northern Ireland. Official election results were pending at the time of this report but are scheduled to be disclosed on July 5.
Implications for the Crypto Sector
Ahead of the election, several crypto-friendly members of Parliament in the UK announced their intention to step away from government roles. Lisa Cameron, an advocate for numerous pro-crypto policies, previously announced she would not stand for re-election in October.
Despite Labour’s anticipated victory, analysts speculate potential delays in crypto policy. The House of Commons recessed soon after Sunak’s election announcement from May 30 to July 4, with another recess scheduled for summer before the autumn party conference season.
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Under Conservative leadership, the UK government unveiled plans to introduce a regulatory framework for cryptocurrencies and payment stablecoins by July. It remains uncertain if Labour will prioritize this agenda in the future, given its minimal policy statements on crypto and blockchain, though it expressed openness in January towards “securities tokenization and a central bank digital currency.”
“Starmer’s stance on crypto remains somewhat ambiguous,” noted Nigel Green, CEO of deVere Group. “However, Labour’s Rachel Reeves, the current shadow chancellor, has shown receptiveness to the tech sector, while Tulip Siddiq boldly suggested Labour would position the UK as a global hub for tokenized assets if victorious.”
The UK isn’t alone in facing political upheaval through unexpected elections. French President Emmanuel Macron called for snap elections with two-round ballots on June 30 and July 7. Initial results from June 30 indicated that the far-right National Rally party garnered over 33% of the vote, leading Macron’s Ensemble coalition.
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This remains a developing situation, and additional updates will follow as information becomes available.