The Labour Party is predicted to gain control of the government in the United Kingdom, according to exit polls for the general election. The polls indicate that the Labour Party will secure 410 seats in Parliament, solidifying its position as the ruling party. This would result in Keir Starmer, the leader of the Labour Party, becoming the next U.K. Prime Minister, replacing Rishi Sunak, who has held the position since October 2022. The Conservatives are projected to retain approximately 131 seats.
The BBC exit poll is based on data collected from voters at around 130 polling stations in England, Scotland, and Wales, excluding Northern Ireland. While the official election results are yet to be announced, they are expected to be revealed on July 5.
The implications for the crypto industry are uncertain. Some crypto-friendly members of Parliament had already declared their intention to leave the government before the election. Lisa Cameron, an MP who has been a strong advocate for pro-crypto policies, had announced in October that she would not be standing in the general election.
Despite the Labour Party’s victory, experts have suggested that the formulation of crypto policies could be delayed for several months. The House of Commons was in recess immediately after Sunak called for the general election, from May 30 to July 4, and there is another recess scheduled during the summer before the party conference season in autumn.
Under the Conservative government, plans were in place to introduce a regulatory framework for cryptocurrencies and payment stablecoins in July. It remains uncertain whether this will be a priority for the Labour Party in the future. The party has rarely issued any statements on crypto and blockchain, but in January, it indicated its openness to “securities tokenization and a central bank digital currency.”
Nigel Green, CEO of deVere Group, stated that Keir Starmer’s stance on crypto is still unclear. However, Rachel Reeves, the current shadow chancellor of the Labour Party, has shown support for the tech sector, and Tulip Siddiq has boldly stated that a Labour government would transform the U.K. into a global hub for tokenized assets.
The United Kingdom is not the only country experiencing unexpected elections that could potentially impact its government. French President Emmanuel Macron called for a snap election with two-round ballots on June 30 and July 7. Initial results from June 30 indicated that the far-right National Rally party received over 33% of the vote, surpassing Macron’s Ensemble coalition.
This is an ongoing story, and more information will be provided as it becomes available.