Boris Johnson Urges Healing in Post-Victory Downing Street Speech

Boris Johnson won an emphatic election victory that redraws the political map of Britain and gives the prime minister the mandate he needs to pull the U.K. out of the European Union next month.

The result spectacularly vindicated Johnson’s gamble on a snap election to break the deadlock in Parliament over Brexit, as his Conservatives won their biggest majority since Margaret Thatcher’s in 1987. The pound rose by the most in almost three years as the scale of the victory became clear.

“I urge everyone to find closure and to let the healing begin,” Johnson said in a speech outside his Downing Street office in which he acknowledged the divisive three years since the U.K. voted to leave the European Union. “Here in this people’s government the work is now being stepped up to make 2020 a year of prosperity and growth and hope.”

The outcome was a repudiation of the main opposition Labour Party under Jeremy Corbyn and his radical program of state intervention, nationalization of industries and tax rises for the better off.

Corbyn announced his intention to resign after a catastrophic run of losses to the Tories in Brexit-supporting districts in northern England and Wales. These areas were considered traditional Labour strongholds and Johnson’s success here was the breakthrough that secured his victory.

Elsewhere, Liberal Democrat leader Jo Swinson, who campaigned to remain in the EU, lost her seat.

Having routed political opposition to Brexit across much of the country, Johnson still faces resistance in Scotland, where support for the pro-independence Scottish National Party surged, setting up the prospect of a renewed constitutional standoff over the U.K.’s future.

Northern Ireland may also present a thorn in Johnson’s side. Unionist parties lost their majority and nationalists made advances, suggesting that pressure for a referendum on Irish unity may grow.

Johnson held a solid lead over Labour in polls before Thursday vote, but just how Brexit would play out in the U.K.’s third general election in four years was never certain. What emerged was the biggest shift in British political allegiances for decades as areas that had voted to quit the EU turned away from Labour and toward Johnson and his “Get Brexit Done” mantra.

Corbyn, who had tried to straddle both sides of the divide, said the issue had “taken over” the campaign and cost his party votes. “I did everything I possibly could in order to bridge the divide between those that voted leave and those that voted remain,” he said in a pooled TV interview.

Some defeated candidates disagreed, saying the Labour leader had been raised as a concern by voters more than Brexit. Corbyn said he will talk to the party’s national executive about the process to replace him as leader, which he expects to begin early next year

With all seats declared, the Conservatives had won 365 of the 650 seats in the House of Commons, a gain of 48, to Labour’s 203 seats, down 59. The results showed the Conservatives taking some districts from Corbyn’s party for the first time ever, compounding Labour’s fourth successive general election defeat.

Leaders including Angela Merkel of Germany and U.S. President Donald Trump offered their congratulations. Trump, in a tweet, again raised the prospect of a “massive new trade deal” after the U.K. leaves the EU.

Johnson’s majority gives him the power to get his own way on Brexit, especially if he needs extra time to negotiate with the EU. He has said he will start to push legislation through parliament before the end of the year to meet the current departure date of Jan. 31.

Calling the result “historic,” Johnson hailed “a powerful new mandate to get Brexit done.”

Investors responded to what they saw as a possible end to the political gridlock and uncertainty that has hung over British assets for years. The pound surged 1.7% to $1.3387 as of 11:15 a.m. in London. The benchmark FTSE 100 index of stocks jumped 1.9% despite being heavily skewed to exporters vulnerable to currency appreciation. The more domestically-focused FTSE 250 rallied 4.4% to the highest on record as trading volumes soared.

For Labour, the heavy losses raise questions over its future direction after voters decisively rejected Corbyn and his program. Corbyn plans to remain in place until a successor is chosen but he’s facing pressure to stand aside immediately.

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