Britain / UK PM Johnson-led Conservative Party set to win general election

Prime Minister Boris Johnson’s Conservative Party was on course for a resounding victory in Britain’s election after voters backed his bid to deliver Brexit on Jan. 31, the country’s most significant geopolitical move in 70 years.

For Johnson, whose 20-week tenure in power has been marked by chaotic scenes in parliament and stark division on the streets over Britain’s tortuous departure from the European Union, the victory in Thursday’s contest is vindication.

Educated at the country’s most elite school and recognisable by his bombastic style, the 55-year-old must not only deliver Brexit but also convince Britons that the contentious divorce, which would lead to lengthy trade talks, is worth it.

A landslide Conservative win would mark the ultimate failure of opponents of Brexit who plotted to thwart a 2016 referendum vote through legislative combat in parliament and prompted some of the biggest protests in recent British history.

An exit poll showed the Conservatives winning a landslide 368 seats, more than enough for a comfortable majority in the 650-seat parliament and the biggest Conservative national election win since Margaret Thatcher’s 1987 triumph.

“I hope you enjoy a celebration tonight,” Johnson, the New-York born former mayor of London, told supporters in an email. “With any luck, tomorrow we’ll be getting to work.”

With results from across Britain indicating the exit poll was accurate, Johnson’s bet on a snap election has paid off, meaning he will swiftly ratify the Brexit deal he struck with the EU so that the United Kingdom can leave on Jan. 31 - 10 months later than initially planned.

But nearly half a century after joining what has become the world’s largest trading bloc, Johnson faces the daunting challenge of striking new international trade deals, preserving London’s position as a top global financial capital and keeping the United Kingdom together.

Sterling soared, reaching a 19-month high versus the dollar of as much as $1.3516 GBP=D3, up 2.5% on the day, and its strongest levels against the euro EURGBP=D3 since shortly after the 2016 Brexit referendum.

Labour were forecast to win 191 seats, the worst result for the party since 1935, after offering voters a second referendum and the most radical socialist government in generations. Labour leader Jeremy Corbyn faced calls to quit.

As of 0330 GMT, Johnson’s Conservatives had made a net gain of 22 seats.

BREXIT FAR FROM OVER

After nearly four years of serpentine Brexit debate that has riven the United Kingdom, deadlocked parliament and shocked allies, a majority will allow Johnson to lead the United Kingdom out of the club it first joined in 1973.

But Brexit is far from over.

He faces the daunting task of negotiating a trade agreement with the EU, possibly in just 11 months, while also negotiating another trade deal with U.S. President Donald Trump.

The outcome of the negotiations will shape the future of Britain’s $2.7 trillion economy. After Jan. 31, Britain will enter a transition period during which it will negotiate a new relationship with the remaining 27 EU states.