CITI: We expect May to resign

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Britain’s Prime Minister Theresa May leaves the Conservative Party’s Headquarters after Britain’s election in London, June 9, 2017.
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Reuters / Peter Nicholls

LONDON – Analysts at global investment bank Citi expect Prime Minister Theresa May to resign following a disastrous result in Thursday’s general election.

The UK is set for a hung parliament with the Conservatives as the largest party but losing seats.

The Tories are projected to take 318 seats, Labour 261, and the SNP 35, and Labour leader Jeremy Corbyn has called on the prime minister to resign.

A morning note from Citi analysts said: “A period of political uncertainty lies ahead. As a default, Theresa May would stay as PM and the Conservatives attempt to form a government, possibly supported by Northern Ireland’s Unionist parties.”

“However, following what is widely regarded as a poor campaign and failure to translate a strong lead in the polls into a larger majority in the Commons, we expect May is likely to resign.”

There is widespread speculation that May will announce her resignation in a speech scheduled at 10 a.m. BST, but Business Insider’s Adam Bienkov reports that she has no intention of resigning.