Ratings firms eye fallout from shock United Kingdom election

Brexit talks can start 'when UK is ready', says EU chief negotiator

"In our view, the lack of a majority for any party is likely to delay Brexit negotiations, scheduled to start very soon", S&P Global said in an emailed statement.

CNBC reports that the election resulted in a "hung Parliament", with UK Prime Minister Theresa May losing her parliamentary majority.

Having called the snap election in order to obtain a greater mandate to push through a tougher deal with the European Union on departing the bloc, May now faces the prospect of having a majority of just a single seat in the new parliament as a result of a deal struck with Northern Ireland's Democratic Unionist Party.

He added: "Who knows, perhaps British society will still decide it's worth remaining after all in a Europe of nation states".

And it was May who had warned that European Commission President Jean-Claude Juncker would discover she could be a "bloody hard woman" after details of a dinner attended by May, Juncker and the EU's top Brexit negotiator were leaked to a German newspaper earlier this year.

"Perhaps, due to the loss of the parliamentary majority, the British team of negotiators will have to be altered and it is not known who will hold responsibility for specific areas of negotiations", Patryk Toporowski from the Polish Institute of International Affairs told Polish Radio.

Tusk said the March 2019 deadline "leaves us with no time to lose".

He tweeted: "We don't know when Brexit talks start".

European Commission President Jean-Claude Juncker was quoted by Politico sharing a similar opinion. "Let's put our minds together on striking a deal".

"Do your best to avoid a "no deal" as result of "no negotiations".

The EU's budget commissioner Guenther Oettinger told German broadcaster Deutschlandfunk: "We need a government that can act". Furthermore, Reuters noted how the results pose an increased risk for delayed Brexit negotiations, which could result in Britain ceasing to be an European Union member without legal safeguards to avoid a chaotic limbo for people and businesses, making it improbable that Britain could secure the rapid free trade agreement it wants with the European Union after it leaves.

European Parliament Brexit pointman Guy Verhofstadt compared the British outcome to former British prime minister David Cameron's ill-fated decision to call last year's Brexit referendum.

While many have suggested that European leaders in Brussels will be rubbing their hands in glee at the result of the United Kingdom election, the truth is that lawmakers are eager to get the negotiations underway as soon as possible, and worry that any uncertainty in London will delay and complicate the process even further. "[Our manifesto] said we wanted to leave the customs union and the single market, but get access to them".

The firm said it was "monitoring the UK's process of forming a new government and will assess the credit implications in due course".

But Manfred Weber, the German MEP who leads the largest bloc in the European Parliament - the centre-right European People's Party - suggested nothing had changed.

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