Despite betting markets and expert forecasts that predicted Theresa May’s Conservatives to win a large majority in the U.K. parliamentary elections, the Tories instead lost ground on Thursday, resulting in a hung parliament. As we write this in the early hours of Friday morning, Conservatives will end up with either 318 or 319 seats, down from the 330 that the Tories had in the previous government. A majority officially requires 326 seats.1Although, there are some ambiguities on account of Sinn Fein, the Irish nationalist party which traditionally does not take its seats in parliament, and the Speaker of the House of Commons, who traditionally does not vote.