British Prime Minister Theresa May has called an early general election to be held on June 8.

“We need a general election and we need one now,” May said Tuesday in a surprise announcement held outside 10 Downing Street.

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The U.K. pound fell by nearly a cent against the U.S. dollar on Tuesday morning ahead of the statement.

Sterling had hit a session high of around 1.260 against the greenback at 8:00 a.m. London time, but sunk to around 1.252 after the announcement by Downing Street.

The currency rebounded slightly after a tweet by the BBC’s political editor. The tweet, citing an unconfirmed source, suggested that the U.K. leader was about to call for an early election.

Sterling had spiked in late March following the triggering of Article 50, officially commencing Brexit proceedings; however, it has suffered mixed fortunes so far in April as negotiations with EU member states have got underway.

The FTSE 100 and the pan-European Stoxx 600 moved lower in mid-morning deals, both shifting down more than 1 percent with all sectors trading in negative territory.