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UK election set to end in a hung parliament. With nearly all results in from this week’s Election Day, the Tories are projected to win 318 seats, Labour 261 and the SNP 35. In a further breakdown of the results, the Conservatives are forecast to win 42% of the vote, Labour 40%, the Liberal Democrats 7%, UKIP 2% and the Greens 2%. Jeremy Corbyn has urged the PM to resign, but it is evident that she has shown no sign of doing so. “It is time for Mrs May to make way for a government that would be truly representative of the people of this country". He also said he was "very proud" of the results so far, which he said was a "vote for hope for the future" and said people were "turning their backs on austerity". Labour is set to make 29 gains with the Tories losing 13 seats. The SNP are down by 22 seats in a bad night for Nicola Sturgeon, with her party losing seats to the Tories, Labour and Lib Dems. (Source – The Independent)

Sterling falls significantly in the wake of the election results. The results of a hung parliament has meant that overnight, sterling has dropped, and as trading began in London it slipped further to 2% against the US dollar at around about $1.27. The pound was down by 1.7% against the Euro, now standing at $1.1350. Traders were expecting a clear victory for the Conservatives, but markets are now reflecting the political uncertainty. Whilst the pound's move is significant, it is far less striking than that seen in the aftermath of the Brexit vote last June, when it plunged by more than 10%. Mark Dampier, head of investment research at stockbrokers Hargreaves Lansdown said, "While the result is a surprise and may lead to another election later this year - market reaction has generally been subdued so far because the Tory government will remain in power. But a hard Brexit now looks less likely... a softer Brexit could see sterling recover." (Source – The BBC)

Armed man holds Jobcentre staff hostage
. In breaking news this morning, employees at a Jobcentre in Newcastle are being held by a man armed with a knife. The man who is known at the Clifford Street Jobcentre in Byker, entered the premises at about 08:00 BST. Several members of staff are being held inside the premises, with police negotiators at the scene. Roads are also closed around the area as a precaution. The event is being treated as an isolated incident at this stage. (Source – The BBC)

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