Sterling drops after poll suggests hung UK parliament

By Ahmet Gurhan Kartal

LONDON (AA) - The value of the British pound fell Wednesday after an opinion poll suggested next month’s general election could result in a hung parliament, local media reported.

The YouGov poll conducted for The Times newspaper predicted the ruling Conservatives could lose 20 seats at the June 8 election and fail to win an outright majority.

Previous polls have suggested Prime Minister Theresa May’s party would win the election by a landslide to increase its current 17-seat majority in the 650-seat House of Commons.

Sterling fell by more than 0.5 percent to $1.278 on Wednesday, its lowest level since May called a snap election on April 18. The pound dropped to $1.2047 in January.

However, some analysts questioned the methodology of the YouGov survey and suggested it was not an accurate forecast of voting intentions.

When May called the election, polls indicated a 12-point lead for the Conservatives but recent polls have shown the opposition Labour Party gaining.

The YouGov survey showed Labour could expect to gain nearly 30 seats.

May revealed her party manifesto on May 18 and has since come under fire for proposed reforms to social care and school funding.

A song attacking May -- titled Liar Liar -- has become the most downloaded single on iTunes since it was released five days ago.