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Danica Kirka

May's election gamble backfires

LONDON—British Prime Minister Theresa May's gamble in calling an early election backfired spectacularly as her Conservative Party lost its majority in Parliament, throwing British politics into chaos.

The shock result could send Britain's negotiations to leave the European Union—due to start June 19—into disarray.

The pound lost more than two cents against the U.S. dollar.