The UK general election will take place on Dec. 12. Latest polls see the Conservative Party ahead of Labour. However, given the various difficulties in forecasting, the election result is still not a foregone conclusion. A Tory majority would likely pass the Johnson Brexit deal before Christmas, enabling the UK to leave the EU by end of January. Markets would likely respond with initial relief upon the UK parliament to finally return to a clear majority. However, PM Johnson excluded lengthening the transition period which could result in a cliff-edge by end-2020.