Security before uncertainty. That could be a first reading of the election result. After the shock waves that have passed over Europe following the vote in the United Kingdom, it seems that Spaniards do not want uncertainty.

The Madrid stock exchange plunged on Friday, and the uncertainty in Europe may today have favoured the governing Partido Popular, which despite corruption scandals remains the country’s largest party.

Positive winds are blowing in Spain, which is showing economic growth and falling unemployment. For the first time in many years the number of unemployed is below four million. That is a high figure, and youth unemployment is very high. There is still much to be done.

That Spaniards chose security over uncertainty is also shown by the fact that PSOE remains the country’s second largest party. Several opinion polls in recent weeks had pointed to the left-wing populist Unidos Podemos (Together We Can) as the new number two.

At Sunday’s election PSOE became the second largest party with 22.75 per cent of the vote, or 85 seats. For many years the party was regarded as the natural party of government but has since lost a great deal of ground. With Podemos’s entry into Spanish politics, PSOE has been drained of young left-wing voters. Unidos Podemos takes 21.12 per cent and 71 seats.

The liberal centre-right party Ciudadanos becomes the fourth largest party with 12.98 per cent and 32 seats, ten fewer than last time. It appears that, compared with the December election, Ciudadanos has lost voters to Partido Popular.

Among Spain’s smaller parties, the left-wing Catalan republican party ERC Catsí (Esquerra Republicana de Catalunya-Catalunya Sí) takes 2.65 per cent. The Catalan CDC (Convergència Democràtica de Catalunya) takes 2.01 per cent. The regional Basque party EAJ-PNV (Partido Nacionalista Vasco) takes 1.27 per cent.

Sunday’s result leaves the political situation in Spain still unclear. 176 seats are required for a majority in parliament. It will take talks, coalitions and compromises if a government is to be in place within a month.

After the election all the party leaders will take the initiative in setting the pace of talks and negotiations. Hard work is now needed before a government is in place.