The exit polls for the general election in the United Kingdom suggested that the Conservatives would lose control of the government to the Labour Party for the first time in 14 years.
According to the results of a BBC exit poll released on July 4, Labour will take 410 seats in Parliament, cementing its status as the ruling party in the United Kingdom. The poll suggested that Labour leader Keir Starmer would become the next U.K. Prime Minister, ousting Rishi Sunak, who has served in the position since October 2022. Conservatives could keep roughly 131 seats.
The BBC poll was based on data from voters at roughly 130 polling stations in England, Scotland and Wales, but not Northern Ireland. The official election results were unclear at the time of publication but are expected to be announced on July 5.
What this means for crypto
Some crypto-friendly members of the U.K. Parliament announced ahead of the election that they planned to leave the government. Lisa Cameron, an MP who has advocated for many pro-crypto policies, said in October that she would not be standing at the general election.
Even with a Labour victory, some experts have suggested that crypto policy could be delayed for months. The House of Commons was in recess shortly after Sunak announced the general election from May 30 to July 4, and the government has another recess scheduled in the summertime before party conference season in autumn.
Under the Conservatives, the U.K. government announced plans to present a regulatory framework for cryptocurrencies and payment stablecoins in July. It’s unclear whether this will be a priority for Labour in the future. The party has rarely issued any policy statements on crypto and blockchain but suggested in January it would embrace “securities tokenisation and a central bank digital currency.”
“To date, Starmer’s stance on crypto remains somewhat nebulous,” said deVere Group CEO Nigel Green. “That said, Labour’s Rachel Reeves, the current shadow chancellor, has shown openness to the tech sector, and Tulip Siddiq has boldly stated that Labour would transform the U.K. into a global centre for tokenized assets if victorious.”
The U.K. is not the only nation that may be shaking up its government with an unexpected election. President Emmanuel Macron called for a snap election with two-round ballots in France on June 30 and July 7. Results from June 30 suggested that the far-right National Rally party took more than 33% of the vote, ahead of Macron’s Ensemble coalition.