Business Report: The British election's effects on politics and the market

HONOLULU (HawaiiNewsNow) - The pound took a pounding because markets don't like to be surprised, and the results were surprising. Conservative Prime Minister Theresa May was expected to pound the Labour Party. Instead, first results indicate she barely keeps her majority, and Jeremy Corbyn made a strong second. Some in Britain thought this election would kill Corbyn's career; instead it has revivified it. British Parliament has 650 seats. Conservatives won about 315. Labour took 266, a 30-seat gain. Conservatives can stay in power with a partner to chip in a few more seats. Labour's Jeremy Corbyn is a socialist who wants to raise taxes on the rich. Corbyn tried high-fiving his shadow defense minister last night and accidentally hit her chest. She was kind enough to laugh it off but it's gone viral.

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