UK PM May's Lead Over Labour Nearly Halves to 8 Points

Jeremy Corbyn holding the Labour Party manifesto

The British pound came under pressure on Wednesday after a new poll found that British Prime Minister Theresa May's Conservative Party risks falling short of an overall majority in next month's national election.

British Prime Minister Theresa May and her conservatives could lose their majority in parliament, according to a YouGov prediction one week before the general election.

"The latest YouGov survey - so maybe the market should treat it with a pinch of salt - has a mere 3 point gap between Labour and the Tories, the latest example of momentum being with Jeremy Corbyn".

It recovered ground early on Wednesday, trading broadly flat at 1.28 against the dollar and up 0.1 percent against the euro at 1.14.

When May called the snap June 8 election at the beginning of March, the Conservative Party led Labour by some 20 points in most opinion polls.

But unless she handsomely beats the 12-seat majority her predecessor David Cameron won in 2015, her electoral gamble will have failed, and her authority could be undermined just as she enters formal Brexit negotiations.

"Yet today's poll distracts from the many others showing that a Conservative majority remains the most likely outcome, as is our base case".

That would have uncertain consquences for Britain's $2.5 trillion economy, and future government policy on everything from government spending and corporate taxation to bond issuance. The FTSE 100 Index jumped 0.7 percent to an all-time high after a Panelbase poll conducted May 19-23 showed the Tories getting 48 percent of the vote and the Labour Party winning 33 percent.

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In contrast, Mr Corbyn's rating has risen by 18 points although he continues to lag well behind the Prime Minister on minus 15%. He said it was a "shame" that Mrs May refused to debate head-to-head with him before the election.

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As the United Kingdom trundles towards its snap General Election on June 8th, the latest opinion polls suggest that it could result in a hung parliament.

The model allowed YouGov to assess the intention of every type of voter, from where they live to how they voted on Brexit, their age and social background, in order to weight the results.

If so, the plan seems to have backfired, with Labour's popularity soaring as election day - June 8 - approaches.

It was developed by its data science team and London School of Economics professor Ben Lauderdale to estimate the result in individual constituencies.

However, on Wednesday, the latest average forecast projected May's Conservatives could actually lose seats.

Other projections suggested May would win soundly.

It also claims Jeremy Corbyn's Labour party could be in line to gain 29 seats on the last election with 257, with the Liberal Democrats on 10 and the SNP down four seats on 50.