2017 United Kingdom Financial Crisis (Oh Jeremy Corbyn)

The 2017 UK financial crisis was a serious financial crash begining on the 9th June and contuining to the present day.

Background
The UK economy had been recovering from the 2008 Global reccesion up until the 2016 EU referundum in which the value of the pound dropped by 10%. While making slow recovery it had not returned to previous levels by the time of the election. In the snap election to provide Thersea May a greater working majority, Jeremy Corbyn made a number of promises to increase coporations taxes, re- nationalise several sectors, introduce a financial transactions tax and perform People's Quanttive Easing.

The 2017 UK General Election led to Thersea May while being the largest party lacked a majority in the House of Commons. The combined Labour and SNP seats would have given them a majority in the House of Commons and many commentators and news sources percieved it likley that Jeremy Corbyn would become the Prime Minister.

9th June Red Wednsday
As the last election results were being called by the early morning it was clear that Thersea May would not be able to form a government and that she would resign. When the London Stock Exchange opened at 8am that morning there was an early crash as banks with investments in Britain and utilties companies such as the Big Six energy companies saw crippling falls of share prices of up to 20%. The pound fell by around 10%.

These losses were further compounded at around 10am when Thersea May conceeded defeat and resigned while Jeremy Corbyn announced he would enter talks with the SNP. The pound fell by a further 10%. The London Stock Exchange and the pound stablished at around 11am and began to regain points over the rest of the day.

10th June- 30th June
While the pound and the London Stock Exchange had faced one of the worst single days since the 1929 economic crash. It stablised till around the 14th June when the Lab- SNP agreement was published resulting in further falls in the value of public utilties. On the 15th June, HSBC announced it was moving 1,500 jobs out of Britain and more job losses may follow. The 4 other indepdent retail banks in Britain announced moving more jobs abroad. The pound contuined to see falls until on the 23rd June the value of the Pound dropped below the value of the Euro.

There was a signifcant drop in the number of purchases of housing in Britain leading to a fall in the price althought it wasn't felt initially.