May 8th, 2015
David Cameron is to remain as Prime Minister for another term, as results throughout the night have shown support for his Conservative party, in what was expected to be the closest election in decades.
With a strong voter turnout of nearly 70%, it was widely forecast early this morning that the Conservatives would secure a narrow majority over Labour. This has now been confirmed, avoiding the need for political compromise for any party that would have been involved in a coalition government. This was a point that both of the main political parties were vocal about during the election campaign. None of the major polls predicted this result prior to voting beginning yesterday morning, with the outcome presenting polarised opinion from many contractors. Markets reacted positively in the aftermath, with bank share prices in particular being boosted.
In the end, it was rather more comfortable than many feared, and so Cameron will remain at Number Ten, claiming the scalp of three opposition leaders along the way, as both Nick Clegg and Ed Miliband tendered their resignation following defeat this morning.
Controversial UKIP leader Nigel Farage had already expressed a desire to stand down immediately should he fail to win a seat in his Thanet South constituency, and he kept his promise, by standing down shortly after the result was announced. Farage lost by several thousand votes to the Tory party, a seat that was also contested by ‘Pub Landlord’ Al Murray, who received 318 votes.
"This is clearly a very strong night for the Conservative Party. We've had a positive response to a positive campaign" said Mr Cameron, as results filtered through.
The big swing in this election has come courtesy of a surge in success for the Scottish National Party, led by Nicola Sturgeon, who have won a remarkable 56 out of 59 seats north of the border.
"There's going to be a lion roaring tonight, a Scottish lion, and it's going to roar with a voice that no government of whatever political complexion is going to be able to ignore" said former leader Alex Salmond, who narrowly failed in his ‘Yes Vote’ to Scottish independence last year.
It has been a disappointing night for the other half of the current coalition government, as the Liberal Democrats have suffered huge losses, with key figures including former leader Charles Kennedy, and Business Secretary Vince Cable both losing their seats.
"It is now painfully clear this has been a cruel and punishing night for the Liberal Democrats” said leader and deputy-PM Nick Clegg. "The election has profound implications for the country and for the party.”
Confidence in financial markets appears to be increasing with the news that there will be no change in government, as many banks had worried what the impact may be of a change in Westminster.
“Whilst the demographic is understandably split, this is likely to be good news for the majority of the nation’s contractors from a financial point of view, at least in the short term” said Taj Kang of Contractor Mortgages Made Easy.
“Whilst there are elements to the Conservative party manifesto that I know many contractors do disagree with, we have spoken to many over the past few weeks who were worried in the short term about getting on the housing ladder, and the potential impact of a change in governance this week”
“The fact that very little is expected to change behind the scenes as far as fiscal policy is concerned is good news for those who are looking to buy property in the short term, as fears of immediate increases in rates, or a radical change in lending policy, are looking likely to be proven unfounded.”
Article By: Mark McBurney, Senior Mortgage Consultant at Contractor Mortgages Made Easy
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