The results are in, and we have a clear majority. No, not a sneak preview of the general election result, but this month’s Power of Ten, where most of our respondents want a clear mandate for the winning party.
A sample of ten may not be scientific, but it is
in tune with what I have heard in business recently.
Some are worried that a hung parliament could
prompt credit rating agencies to cut their ratings
on UK debt. The pound could weaken further,
raising the possibility of inflation.
Some policy areas need clear leadership. Our Energy Forum debate in Deganwy (p16) heard demands for a simpler planning system and more consistent government policies to meet future power needs.
But how do we get that clear direction? It’s perhaps foolhardy for an editor to disagree with his readership, but I am not convinced a hung parliament would be bad.
We have had 31 years of almost uninterrupted majority government in the UK, and the results haven’t been great. The collapse of the banking system, petty political corruption, endless pointscoring, internal squabbles and policies changed on a whim. Would coalition government really be any worse? It’s perhaps time to think of the UK as a plc with many different stakeholder interests, rather than a private company headed by a singleminded leader. Instead of this zero-sum gain where it’s always one lot’s gain and the other’s loss, we might get a more balanced approach where interests are mediated.
Consensus government could also make it easier to plan for the long term. And it would ensure that policies have the support of the majority of the population, making it harder for future governments to rip them up and try something else.
The old argument against hung parliaments is that they would give disproportionate power to the Liberal Democrats. But there’s nothing to stop the other parties voting against Liberal policies – for example, on nuclear power – if they don’t agree with them. And I’ve yet to meet anyone who thinks Vince Cable would make the worst Chancellor out of the three on offer.
Douglas Friedli, editor
Also in: May 2010
-
Power play
Although the closure of Wylfa power station is imminent, Wales will remain at the heart of energy production. Katie Prescott finds out why.
-
Jon Moulton
Even the bad times are good for the private equity star, writes Douglas Friedli.