Economists warning as UK election ‘on a knife edge’

UK election

UK Prime Minister Boris Johnson, the Conservative Leader, has seen his party’s once landslide lead in the opinion polls cut to just five points on the eve of the UK election and warned the result is “on a knife edge”.

No-one is bold enought to predict a Labour Party victory in the UK election on Thursday (UK time), but it is getting more likely that the dysfunctional parliament Boris Johnson presided over may return to haunt him once more and the UK is plunged into Groundhog Day over Brexit.

The Telegraph, a staunch Conservative newspaper, said its Savanta ComRes survey puts the Conservatives on 41% ahead of Labour on 36%, the smallest Conservative Party lead since mid-October. Such a result at the UK election would give Boris Johnson a narrow majority of just six although the poll predicts a hung parliament as a “plausible” outcome.

Chris Curtis, YouGov’s political research manager, said: “Our latest and final poll shows that a small Conservative majority is likely, with the Tories taking 22 more seats than in 2017 and Labour losing 31. This would be the best and worst results respectively for each party since the 80s. But the margins are extremely tight and small swings in a small number of seats, perhaps from tactical voting and a continuation of Labour’s recent upward trend, means we can’t currently rule out a hung parliament.”

A poll by Kantar gives the Conservatives a 12-point lead over Labour in the UK election, and Comres forecasted just five points between the two major parties – which would plunge the UK back into a hung parliament.

Boris Johnson made a last-minute appeal to voters before the UK election began: “A great future is there within our grasp, but I need your vote. Even if you have never voted Conservative before, this is your chance to be heard and I promise I will not let you down. Vote today to break the gridlock. Vote to get Brexit done. Vote to unleash Britain’s potential. Enough is enough. Let’s get it done.”

Whereas Labour Party Leader Jeremy Corbyn urged voters to “shock the establishment” at the UK election.

“I believe in a free press. I just wish they would free themselves from the shackles of the billionaires. They are determined to stop real change. They won’t win, we will, to create an inclusive and hopeful society. Because tomorrow you can shock the establishment, by voting for hope.”

Economists warn that a Labour Party victory would wipe £367 billion off the value of Britain’s listed companies and send the English pound plunging, the Telegraph reported.

Economists at ING forecasted that the English pound would tumble to $1.22 against the US dollar if Labour wins power at the UK election. The fall would drive up inflation and could mean families’ living standards slam into reverse, as rising prices in the shops outstrip pay increases.

Hinesh Patel of Quilter Investors said as much as £100 billion could pulled out of the UK within 12 months in a comparison with what happened after the Brexit vote in 2014.

“In a Labour or, more likely, Labour-SNP surprise we can expect a repeat of the 2016 referendum flow dynamic.”

Actor Hugh Grant, who starred in the film Love Actually, wrote in The Independent “The dream is another hung parliament, one of two versions.”

“Version one: Johnson is back where he started – leader of the largest parliamentary party but with no overall majority. And no friends. Even the DUP now hates him. He re-proffers his Withdrawal Bill and the Commons amends it and it finally passes, but conditional on a Final Say referendum.

“Version two: Corbyn and the SNP are given just enough temporary life support by the Lib Dems to get him as far as a second referendum.”

It has been a ran-cankerous election and the newspapers are not happy.

The Independent UK editorial: “Even allowing for the way that politics has always been a dirty business, few general elections have been as disappointing as this one. Given the scale of the challenges facing the nation, and the momentous nature of the decisions that will be taken in the coming months and years, the dismal standard of debate, and in particular the prevalence of so much deliberately misleading and fraudulent material online has been deeply dispiriting. Our politics, with rare exceptions, have certainly failed to rise to the occasion.”

The Telegraph‘s Allister Heath: “It’s an election that is as much about morality and culture as it is about economics: is it acceptable to ignore referendum results we don’t like? Is patriotism good or bad? Can we really turn a blind eye to Labour’s horrific anti-Semitism, its plan to steal property, deprive parents of their rights to educate their children as they see fit and genuflect to hard-Left ideologies that have ended in horror whenever they have been introduced?”

“Whoever wins, and we must hope that it is Boris Johnson’s Tories, despite constituency boundaries that are shockingly biased in favour of Jeremy Corbyn’s gang of nasty extremists, the status quo is about to be shattered permanently. We must choose between two irreconcilable conceptions of modernity, and hand total power and political legitimacy to one of two revolutionary armies committed to destroying and pillaging the other side.”

CNN‘s Holly Thomas writes: “At the most critical moment in modern British history, its political parties — and especially the one in power — have chosen memefied promises and unsubstantiated one-upmanship over integrity. In not taking this election campaign seriously, Britain’s main political parties have left behind a toxic mess of mistrust that will carry over into the new year, whatever the election result.”

If you’re concerned at Holly Thomas’ comments, see below.

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